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The number of professionals in London actively seeking to switch jobs has doubled in the past year, City A.M. reports.
The number of City workers looking for new opportunities climbed by 27% in July compared with June, recruiter Morgan McKinley told City A.M.
Summer is often a time when people seek out new work, but the sudden jump is also credited to the UK’s improving economic situation. Between April and June, the UK economy grew by 0.7% after expanding 0.4% in the first quarter of the year. The small strides towards the pre-recession peak performance of late 2007 have given confidence to both the employed and unemployed.
In July, 15,866 people were looking for a new job, a 99% increase since last year, according to the recruiter Morgan McKinley. Demand for skilled labor is leading the boom, with a 17 percent increase of jobs available in July 2015 compared to July 2014.
City finance professionals can increase salary 22% by switching jobs.
“Last month showed that on average, a financial professional could demand up to 22% more salary by moving from one organisation to another. This is one of the highest percentage increases we have seen in a while, which bodes well for those considering a move,” said Hakan Enver, operations director at Morgan McKinley. “The market has an appetite to remunerate those with a skill set that is in high demand.”
Earlier in August, the UK Office for National Statistics reported workers in London clock the most hours (33.5) per week compared to the regions of Wales, Northern Ireland, the North East, and the South West.