The London economy is highly centred around financial services, and with Brexit’s deadline quickly approaching, it is expected that the sector will be impacted severely.
Nevertheless, the city has been successfully pivoting to become a leading global hub for technology, and the digital sector is now the fastest growing of all industries.
Therefore, when we look at specific categories, in 2018 IT roles remained the dominant area of professional hiring, constituting 37% of all advertised positions, representing an increase of 25% compared to 2017.
Other key trends emerging include:
– Hiring in Banking for front and middle office roles is now in decline, arguably as a result of Brexit, although fintech does have a role to play in this.
– With the Technology sector growing 2.6 times faster than the rest of the economy, it is not surprising that TMT is now the largest industry in terms of professional vacancies.
– The charity sector is also one of the fastest growing in the UK. A sign of increased professionalization within the sector or a function of a greater need due to austerity?
Other key takeaways include:
– A central plank of the London job market is the technology sector, which was up 12.8% on 2016, with major IT companies committing to expanding within the capital.
– The immediate impact of the referendum can be seen through hiring for banking professionals, where the hiring freeze in the second half of 2016 meant that in 2017, vacancies rose by over 36%.
– When analysing by hiring companies, three of the top five are banks, with Barclays specifically increasing activity year on year significantly.