Finance workers in the City of London are putting their job hunts on hold as they wait for bonuses before deciding on a move.
(Bloomberg) — Finance workers in the City of London are putting their job hunts on hold as they wait for bonuses before deciding on a move.
There was a 23% drop in job seekers for finance jobs in the last three months of 2022, according to Morgan McKinley’s Autumn London Employment Monitor published Monday.
“As expected over the quarter, there has been a slowdown in those looking for work,” said Hakan Enver, managing director of Morgan McKinley UK.
“Professionals have become more cautious and are waiting for bonuses before considering a move.”
There was a 36% increase in jobseekers for 2022 from 2021, accounting for around 95,000 professionals, the report said.
That compares to a 16% increase in jobs available for 2022 from 2021.
Increasing costs of living and the emergence of flexible work has pushed many professionals into looking for new jobs with higher salaries and a better work-life balance.
There was a 21% average salary change moving from one job to another in the fourth quarter, the findings showed.
The UK has had a shrinking workforce since the pandemic, due to early retirement and long-term sickness taking out workers, leaving unemployment close to record lows.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
