There is growing evidence that demand for employees is picking up in financial services as the industry appears to be benefitting from the the first signs of economic recovery.
However, it appears that financial services workers are among the most satisfied with their jobs, despite opportunities for career progression and pay increases having been severely limited in recent years.
The latest figures from the Morgan McKinley London Employment Monitor shows that after two months of falling job numbers, the number of vacancies in financial services increased by 20 per cent over the month on May. Last month also saw an increase in the average salary offered for new jobs.
Morgan McKinley Financial Services operations director Hakan Enver says: “An increase of 20 per cent in new job availability is certainly a good sign, indicating cautious confidence from hiring managers across the City in growth potential for their business areas.
“Although the market remains highly sensitive to macroeconomic issues, sentiment has slowly been improving since the start of the year.
“From recent conversations with job seekers, there is definitely a feeling that job insecurity is less of a concern; individuals are more comfortable with the idea of looking around.”
Anecdotally this increase in demand is also being experienced in the recruitment for financial advisers, with several recruitment companies reporting the fall in adviser numbers helping to boost demand for advisers that are RDR compliant.
But despite this increase in job opportunities in the last couple of months, it appears that job satisfaction in financial services is high compared with other industries, with an interesting job a more pressing concern than salary for many people.
The latest Robert Walters Career Lifestyle Survey suggests that more financial services workers say an interesting job is more important than salary and benefits when considering a new job.
Robert Walters director of financial services recruitment Peter Milne says: “It’s clear from these results that financial services professionals look first and foremost for an interesting role – rather than a good remuneration package – when thinking about their overall job satisfaction. With this in mind, employers need to provide challenging positions that allow staff to make a genuine difference to the broader business”
Financial services workers are also reported to be more satisfied with their career progression than the average worker.
On average, 38 per cent of the UK workforce say they are happy with their career progression but this rises to 46 per cent amongst financial services workers, according to recruitment company Randstad Financial and Professional.
Top of the list for satisfaction is the insurance sector, with 73 per cent of workers happy with their career progression. Financial services come fourth after property and law.
Employees working in the media are least satisfied, with only 12 per cent reporting they are satisfied with their career progression.
A lack of job opportunities would usually be expected to cause disatisfaction with career progression but Randstad managing director Tara Ricks says the lack of new jobs in the property and financial services sectors in recent years proves this is not always the case.
Ricks says: “We expected to find a relationship at some level between career progression in a sector and job growth. But the figures don’t bear this out. Financial Services remained static in size as a sector between 2009 and 2012, and the property sector expanded by just 1 per cent, but these were the two sectors in which people were most happy with their career progression. We think this points to pride in being part of a high performance culture with sophisticated application of talent management.”