Hakan Enver, operations director, Morgan McKinley Financial Services, said:“In December, the City is abuzz with holiday parties not hiring, so a drop is to be expected, but for it to be such a seismic drop is alarming.”
Jobseeker figures were also low with December 2017 seeing a 40% drop in job hunters said Morgan McKinley.
Figures from the report showed:
● 52% decrease in jobs available, month-on-month
● 37% decrease in jobs available, year-on-year
● 40% decrease in professionals seeking jobs, month-on-month
● 30% decrease in professionals seeking jobs, year-on-year
● 14% average salary increase for a professional moving from one institution to another
The average salary increase for a professional moving from one institution to another was 14% in December 2017. However, excluding July’s average, this was the lowest salary change witnessed during the entire year.
Mr Enver said: “Much can be attributed to an uptick in mid-tier moves, those earning salaries in the range £48k to £65k. Those on higher bases were more likely to wait until they pick up their bonuses in the first quarter of 2018 before entertaining a move elsewhere,”
The employee migration picture is changing, Mr Enver said. He commented: “ A recent study by BDO of more than 10,000 people around the world, showed the UK dropping out of the top six countries for potential migrants from the EU.
“On the one hand, it’s great that the UK is still being considered an attractive destination from countries outside of the EU. However, on the other hand, there are signs that European employees are becoming less captivated by the draw of working in this country.”
Despite the figure however Morgan McKinley is optimistic for 2018 as it said 2017 was “another odds defying year”.
“The Brexit path has remained navigable for British businesses which are impressively well positioned for a successful 2018. For the first time, Britain topped Forbes’ prestigious ranking of best country in the world to do business."
The findings show continued economic growth and record unemployment, as well as its technology readiness. The report also noted that countless businesses, including technology giants Facebook and Apple, have moved or are moving part of their operations to London.
• Editor's Note: 11.01.18 / 2.15 pm - chart added