Regional Trends Report – London
APSCo and Vacancysoft
More than anywhere else, roles in London dictate the shape of England’s vacancy market. Most recently we have seen a revival after last December, which marked the low point in our data for the analysed period. This decrease was more significant than its 2014 counterpart, especially given the more intensive hiring in earlier in 2015. The decrease in vacancy activity in March this year does not match last year’s pattern, when vacancies increased sharply in March.
Vacancies in banking took the largest share of the market. Together with the investment finance and insurance sectors, they accounted for a third of all professional roles in London in our data. The regionally dominant software and computer services sector has less than half as many vacancies as the banking sector alone.
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A broader view reveals that the entire TMT industry is comparable to financial services in vacancy terms, with 32% and 33% of all London roles respectively. Other key industries include professional services (17%) and consumer goods & services (11%). Their top constituent sectors, accountancy, law, and retail, are among London’s most in-demand sectors.
The key change in vacancy activity by company size is the shrinking proportion of roles in companies with over five thousand employees. While constituting well over 65% of the vacancy market in 2014 Q2, they hit just over 50% in the most recent quarter. The resulting gap was filled with vacancies from mid-tier companies and SMEs. Worth noting is the larger proportion of these vacancies during overall volume declines, such as Q4 of both years. In both years the second and third quarters brought more hiring in the largest companies, and we expect this pattern to repeat this year.
Vacancysoft is the Data Publisher for the Recruitment Industry. We provide recruiters with daily lead lists that help to monitor their clients’ hiring and to identify companies struggling to hire.