London’s financial sector has been going through its ups and downs over the past several months. From tube strikes, to inflation in several areas of the economy, to now a large number of vacant jobs. Since May, over 4,000 jobs have opened up, or have been available in the financial service industry. This is a 56% increase since May.
In May, there were roughly 8,300 available jobs which was a great deal of jobs available considering the financial situation which is currently developing in Europe. Now in August, there are just under 13,000 jobs available.
While this number may be a bit staggering, it is a great step forward for London’s financial industry. These jobs available can help boost the economy which is on edge. With so much inflation with major industries, job creation should settle out the issue which is currently at hand.
Even though there are many jobs out there, hiring manager are explaining how the competition is fierce and salaries are remaining competitive. They are not just giving jobs away, but rather rewarding them to individuals who are deserving.
One executive explained, “An increase in job vacancies comes as rising pay and record low inflation has resulted in real-term wages increasing faster than before the financial crisis, according to a report from the Resolution Foundation in June. At the same time, companies are looking for ways to increase pay as regulators put a lid on bonuses and impose tougher clawback rules.”
These changes and competition is great for the economy since it will keep salaries competitive, while cutting back on bonuses and other incentives high executives have been obtaining.
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