City firms on boarding new starters amid concerns over falling figures

The Morgan McKinley London Employment Monitor found that;

  • The number of new candidates increased by 76% month-on-month in January 2011
  • Compared with January 2010, January 2011 saw a 64% rise of professionals new to the jobs market
  • 62% of 200 Human Resources and Line Managers surveyed across financial services in London expect basic salary offers to rise this year, with 55% expecting the rise to be no more than 10%
  • 31% predict contract rates to rise by the end of 2011, while only 27% expect the rise to be no more than 10%

Recently a leading IT Recruitment Consultancy within the Banking Sector said that highly skilled IT Contractors in particular stand to profit in the near future with many Banks unable to hire permanent workers due to a lack of skills in the permanent market. And only last month the Monster Employment Index reported that the Information Technology sector had seen opportunities surge with annual growth of 34% reported.

The Director of IT Recruitment at Networkers International, James Smith, told the Recruiter at the time that “Our business has been fuelled by the financial markets by both the banking industry and insurance as well. We have been doing a lot of recruitment for those kinds of organisations. New projects are kicking off at the banks. In 2009, with the state of the economy, a lot of cuts were made but going into 2010 and now a lot of the banks and insurance houses have started new projects which they haven’t done for the last three or four years. Overall, we see continuation of steady growth for contract and permanent staff. The demand for permanent staff remains high and is higher than contract staff. Due to the lack of skills in the permanent market, there will be a shift in terms of growth on the contract front. As clients cannot find those permanent workers, they will get contractors in to work on a shorter-term basis or a project basis.

Commonwealth Contractors

At Commonwealth Contractors we partner with OISC Registered Private Immigration Firms and Tier 2 Licensed Healthcare and IT Consultancies who may be prepared, where required, to sponsor an individual on a Tier 2 Visa (formerly UK Work Permit). If you are a highly skilled International professional and you would like to work in the UK Commonwealth Contractors can help. Our OISC Registered Partners specialise in Tier 1 General (formerly Highly Skilled Migrant Programme) visa applications and can assist those highly skilled individuals that either wish to apply or extend a Tier 1 General Visa.

For more Information call Commonwealth Contractors now on 0800 294 4388 or Submit your Details and we will get right back to you. Please see other areas of the Commonwealth Contractors site for interesting articles on tax, immigration and contracting.

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