Brexit Affects Recruitment, City Jobs Plunge To Seven-Year Low

Advertisment

Last month, jobs in the City plunged to a seven-year low and the number of job-seekers also declined as the uncertainty over Brexit continued to affect recruitment.

According to Morgan McKinley, last December, the number of jobs that are available in the city dropped by 52 percent – the worst possible end to a year since December 2011, which said that 2019 had also got off to a slow start.

The employment monitor of the recruitment firm also revealed that job-seekers dropped by 40 percent month-on-month, with the lowest number of applicants in a period of six years.

It added that January had started in a similar quiet fashion.

The UK managing director Hakan Enver said, Morgan McKinley, stated: “In 2018 we saw job numbers fall off a cliff.”

He added: “We haven’t seen this few applicants to market in December since 2012 and we’ve seen January get off to a sluggish start on this front.”

He continued: “After two years of navigating the impossible task of preparing for an unknown Brexit scenario, people are fatigued.”

The average salary jump for those who are transferring from company to another also dropped to 15 per cent – its second-lowest level of the previous year and down on the 27 percent peak that was reached last May.

The recruitment company expected this to rise in the coming months as firms attempt to attract and commit talented individuals into their businesses.

An increase in job applicants in the summer had sparked hopes of a turnaround in the employment market, however, the year ended in with a “timid hiring environment” in the Square Mile.

McKinley added: “There was a sense over the summer that the tables might be turning, as candidates demonstrated increased confidence in the jobs market.”

He continued: “But the weight of Brexit proved too much to just shake off, given its immense implications for individual livelihoods and business viability.”