London recruitment levels 40 per cent higher than pre-pandemic levels, new figures show

The latest employment figures from Morgan McKinley suggest that City recruitment is recovering well from the Covid crisis and is on target to experience real growth in 2022.

According to the company’s winter recruitment monitor for Q4 2021, there were over a third (40%) more jobs available compared to the same pre-pandemic period in 2019, and over a quarter (34%) more people looking for new job opportunities.

When annualised, the figures show a negligible change in total jobs available between 2021 and 2019, suggesting financial recruitment in London’s City hasn’t just returned to pre-covid levels but is on course to enjoy real growth.

Hakan Enver, managing director, Morgan McKinley UK commented: “The future is bright for City recruitment as the country starts to see the light at the end of the pandemic tunnel.

“With many companies getting their heads around working from home in 2021 and children back in school, we saw the sector grow beyond pre-pandemic levels by the end of last year.”

When compared to 2020, the figures show an industry that’s got back on its feet. In 2021, there were a total of 32,331 Financial Services jobs created in London, a 118 per cent increase from the previous year and a 30 per cent year-on-year increase in jobs seekers.

The largest jobs increase came in Q2 2021, where there was a 211 per cent increase in new jobs available compared to the same quarter in 2020. The monitor also showed recruitment activity dropped for Q4 compared to Q3 for jobs available (29 per cent) and job seekers (12 per cent).

Hakan continued: “Thanks to the UK’s vaccine programme and people returning to the office, London’s financial sector is strong and thriving, bouncing back from the poor showing of jobs across 2020.

“In broad terms, the job numbers continued to reflect an encouraging recovery from the impact of Brexit, furlough scheme, pandemic, and lockdowns.”