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Even fewer jobs than there were before

The financial services employment market is getting worse, not better. The latest figures from the predominantly middle and back-office recruitment firm Morgan McKinley show the number of new job vacancies falling 9% between September and October. October vacancies were down 48% on the same month in 2007.

Candidate vacancies fell at the same time (maybe because everyone’s deciding to become a smallholder in the Outer Hebrides?), meaning competition for jobs hasn’t intensified: there are now 1.7 candidates per vacancy, almost the same as last month.

Pay is falling: average salaries are down 4%. And there is no recovery in sight. This doesn’t mean that finding a new job is impossible. It does mean that you’ll have to be patient: the average job search now lasts 56 days. If you’re looking for a job now, with (a lot of) luck, you’ll be re-employed in early 2009.

Comments (13)

Comments
  1. The average job search lasts 56 days? How was that derived Sarah?

  2. It’s not my stat. Morgan McKinley produced it. Guess they looked at how long it took before people who came onto their books got off again.

    Sarah, Editor, eFinancialCareers Reply
     
  3. Sarah – could you please also add a similar article like this but this time about front office jobs. Not just middle back and back office jobs. it would be interesting to see the average job search for a front office role.

  4. Why oh why do you insist on publishing this rubbish month on month…

    The numbers are based on all manner of assumption by a run of the mill CV shop…

  5. Interesting estimates. Dave let’s give them a chance to elaborate why this is not drivel.

    Can we get more colour on assumptions / definitions / methodology, should anyone from Morgan McKinley / any other Head-Hunter have a view on such numbers ?

  6. Why oh why then do you bother to:

    1) Read the article
    2) Take the time to respond

    If you don’t like it, go read on bloomberg!!!

  7. The real indicator here is that the number of candidates has remained somewhat stable, suggesting that many folks are cashed up enough to wait until next year or are leaving the industry – the later being the more serious indicator. I agree that 56 days is highly optimistic – it is a figure generally quoted amongst outsourcers, so I’m not sure if MM are the source or just repeating an accepted industry figure.

  8. Sorry for the delay – have been in meetings.

    Morgan McKinley’s figures are based (as far as I’m aware) on an extrapolation from their own experiences. They take a view on the % of the market they have, and use that to calculate the total number of candidates and jobs.

    It’s not exactly watertight, but with the exception of the CEBR (which bases its stats on ONS figures that include lawyers and accountants), it’s one of the only estimates of job and candidate numbers in the City.

    Wannabe – I’ll try and get some front office figures.

    Sarah, Editor, eFinancialCareers Reply
     
  9. How about you get some numbers of job adverts by employers on this site…?that surely is more reliable….

  10. We have restrictions on the data we can print from our own site as we’re part of a listed company (Dice Holdings Inc).

    Wannabe, I’ve tried to get some figures for time out of the market for the front office from outplacement providers. So far, I’ve only got a figure of 12-13 weeks across the board for all roles from Fairplace. If you’re over 45 and have worked at one company for more than 15 years they say it will take you anything from 6-12 months to get another job.

    Sarah, Editor. eFinancialCareers Reply
     
  11. I think that figures from agencies should be taken with a pinch of salt…

    There is more and more pressure on organisations to save money on recruitment and so there is the increasing trend for them to source candidates direct and cut out the recruitment agencies. Roles with agents will tend to be those that are ‘tricky fills’ or more senior roles

  12. Sarah, you’re absolutely right that the wider market is tightening but there has actually been an increase in hiring in a couple of sectors and whilst no-one predicts anything other than a tough 2009 certain firms are starting to hire to 1. take advantage of what the market has done or 2. compensate for the fact that very little hiring has been done in the snd half of 2008 despite deal-flow remaining relatively strong.

    Things are and will remain tight but it’s not as quiet a market as the majority think.

    James – Cobalt Reply
     
  13. James – “deal flow remaining relatively strong”??

    What sector do your clients work in?!

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