Written by Kimberley Startup | October 28, 2013
For so many recruitment companies like Webrecruit (http://www.webrecruit.co.uk) and the employers and candidates that they serve, London has long been a focal point. Certainly, the recent Guardian headline, ‘London’s economic boom leaves rest of Britain behind’, suggests that it is the capital enjoying many of the fruits of the ongoing UK economic recovery.
Many firms now recruiting staff will have doubtless felt the benefits, with London and the south-east having been responsible for 48 per cent of the UK’s growth in output since the 2007 economic crash – compared to 37 per cent during the 1997-2006 boom. The last six years have seen every other nation and region – except Scotland – decline. So, is now a good time to recruit or be recruited in the capital?
Another survey indicates that as of October 2013, the jobs market in the UK as a whole is much healthier than last year, with September seeing an 11 per cent increase in job opportunities compared to the same month in 2012. However, there have also been suggestions of fewer new jobs in the City of London, as banks scale down their investment plans. One recruitment agency has said that September saw just less than 2,500 jobs created in the City, which is more than 400 shy of August’s figure.
The general finance recruitment picture looks positive for the coming months, however. The Confederation of British Industry and PwC recently surveyed the attitude of the financial services industry, finding optimism to be at its highest level for 17 years. In addition, according to the CBI, there were more people employed in financial services in the three months to September than at any point since 2007. This is sure to benefit a London jobs market that was reported to be depressed earlier in the year.
Indeed, with all 20 of the largest international banks and financial services organisations being based in London, the City remains an epicentre of finance and legal recruitment. All in all, Central London remains integral to recruitment agencies, with many graduate training schemes running in the area, and many jobs available in the tourism, leisure and entertainment industries.
However, there are many other firms and sectors that are continuing to recruit staff, in such areas as cosmopolitan and modern East London, where JPMorgan, Teach First and Ernst & Young are among the represented companies, as well as West London, where an increasing number of small and technology-based businesses can be found. Meanwhile, North London combines relatively affordable rents with a strong retail industry, while South London is home to various software, finance, sales and marketing firms.
All of the figures point to a London job market regaining much of its former strength – and both recruiters and candidates can be helped to take advantage of it by the recruitment experts at Webrecruit (http://www.webrecruit.co.uk).