According to the Staffing Industry website, new reports have revealed that hiring in London’s financial district – commonly referred to as ‘the city’ – increased by one fifth in 2014.
The City is home to numerous financial, banking, trade, insurance and broker companies, employing around 400,000 people and generating 20% of UK GDP. Research conducted by recruitment company Astbury Marsden shows that the area created 33,063 new jobs last year.
This number is a 18% increase from the previous year, where 27,915 new jobs were offered up. In the final part of the year, the number of new jobs rose sharply (+22%) to 7,534.
Experts are putting this down to the wider UK economic recovery, which has in turn led to increased business confidence in the capital, as well as in other parts of the country.
What’s more, thanks to improved conditions within the market many workers are likely to receive healthy bonuses for last year’s impressive results.
Adam Jackson, director or the recruitment firm, noted that improved conditions have given firms the confidence to allocate some of their time and resources to “modest growth.” However, he warns that this boost is “far from a return to the aggressive hiring seen before the financial crisis.”
Similarly, he advises City workers not to be overly confident and abandon ship if they do not receive as high a bonus package as they might have been expecting. While the job market is on the up, experts are still cautious about whether it is “buoyant enough to support a mass surge of people changing jobs as a result,” he explained.