Financial services jobs boom in Ireland and Britain

Jobs in the financial services sector in Britain are being filled faster than at any time since 2000, reflecting the growing confidence in the market, a survey revealed today.

With the renewed buoyancy in the jobs market, there has been a surge in the number of new jobs advertised while average permanent salaries are also on the rise.

Some 25,225 jobs were advertised in March, up 11% on February and twice the number in December, financial services recruitment firm Blomfield said. This is the highest number of new permanent jobs posted in the sector in 20 months.

In London, it is currently taking 8.6 weeks to fill a vacancy – from date of posting the vacancy to date the employee starts – down from 10 weeks one year ago and 11.8 weeks in March 2000.

Tara Ricks, managing director of Joslin Rowe Associates, Blomfield’s recruitment business, said the statistics reflect the confidence in the financial services market and a return to the “bullish” conditions of the late nineties.

“Over the past couple of years we’ve seen a steady reduction in the time taken to fill jobs, following the “wobble” of 2004 when firms put the break on hiring activity,” she said.

This was caused by a weaker housing market and slowing GDP growth in response to a succession of interest rises, she added.

“Since then confidence and the speed with which vacancies have filled has surged,” she said.

Scotland is following the same trend as London with jobs now filling in 9.7 weeks compared with 14.3 weeks back in 2001.

The pattern in Dublin is similar, with jobs filling in 12 weeks, compared with 13.5 weeks one year ago.

Although average permanent salaries eased over the Christmas and New Year period, they are now on the rise.

The average London salary is up 3.5% on January’s figure, while in Scotland they are up a more significant 6.5%.

Keith Robinson of the group’s outsourced HR business Origin said candidates are so in demand they are being discerning with their choice of employer.

“Good candidates are now receiving three or four very attractive offers with a variety of financial inducements to incentive them to join.”