The number of finance professionals looking to move jobs, including those in the City of London, has doubled over the past yearFierce competition and growing salaries for skilled finance professionals is encouraging them to start looking for a better job at rival firms, according to recruiter Morgan McKinley.
The firm had a record number of jobseekers on its books in July, with over 15,000 looking for an alternative role, double the amount of jobseekers from July 2014.
Those who moved to a new job in July saw their pay rise by an average of 22 per cent, which has led to other workers to look to move jobs.
The strong rise also contrasts the average 2.4 per cent wage increase across the whole economy according to the latest official data.
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Specialised skills are in very high demand, with banks and other finance firms happy to splash out on staff for their risk management and regulatory compliance departments, which is part of the reason for the increase in finance wages.
With more workers responding to this demand and re-train in the relevant areas, more are also looking to move to increase their pay for the new skills. Digital marketing jobs are also increasing in wages as finance firms adapt to the online economy.
Morgan McKinley’s Jo Stone told the Telegraph:
“Those Marketing Directors and Heads of Marketing Communication functions who are able to command the highest packages are those combining a strong traditional marketing skills set with broad knowledge of digital marketing tools.”
“For years, banks and insurance firms have gradually been growing out their digital marketing teams, but now their asset management cousins have joined the party, resulting in a significant skills gap.Those with a CV that includes digital and social media marketing experience, combined with a broad knowledge of digital marketing tools and platforms, can command higher salaries.”
“Hiring managers seem to feel that there is no hurry during the holidays,” said the recruitment firm’s operations director Hakan Enver.
“Slow employers are being hit, because by the end of the summer they will find that the best talent has already been scooped up by competitors.
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