* Number of financial job-seekers falls by 32% in Q2
* Vacancies rebound in June after sharp fall in April
* Average salary change in Q2 rises to 13% after May rally
LONDON, July 15 (Reuters) - The volume of UK financial
sector job vacancies dropped by 60% in the quarter to end-June,
data on Wednesday showed, as the COVID-19 pandemic inflicted
fresh injury to a labour market already reeling from
restructuring and Brexit.
The latest Morgan McKinley Spring London Employment Monitor,
which details hiring trends across Britain's financial industry,
showed the number of job-seekers fell by almost a third in the
three month period from April, with available jobs plunging by
72% year-on-year in that month alone.
The latest figures follow a rapid slowdown in hiring seen in
March, when the number of available jobs dropped by 38% compared
with February.
The early part of the April-June quarter was dominated by
government-imposed lockdowns to stem the novel coronavirus
outbreak and there were tentative signs of job market activity
resuming towards the end of the period.
But financial services, which has historically contributed
around 10% of the UK's total economic output and employs 1 in 14
people across Britain, was already in the midst of critical
change before the virus outbreak sent the global economy into a
tailspin.
Major banks including HSBC have now resumed plans
to axe jobs after postponing layoffs at the height of the
pandemic.
Hakan Enver, Managing Director at Morgan McKinley UK, said
some professionals were taking advantage of more relaxed
home-working environments to assess career opportunities,
particularly after a bounce in the average salary boost by
moving from one job to another.
During April, the average salary change plunged to a record
low of 6%, after the government lockdown on March 23 crushed
productivity and triggered an immediate cost-cutting drive
across the sector.
This did jump back up to 22% in May, after workforces had
settled into home-working routines and confidence began to rally
in line with falls in infection rate and unprecedented
government action to support both businesses and consumers.
The average rise in salary of those moving from one job to
another ended the quarter at 13%, compared to an average over
the last 18 months of 16.9%, Morgan McKinley UK said.
In a further sign of optimism, the number of job vacancies
available increased by 72% in June, with employers showing
willingness to invest in talent to drive their recovery and
future growth.
"The ability to pivot and adapt to major infrastructure
change stands as a hopeful mark of survivor potential," Envers
said.
"This will not likely be possible without finding and
retaining talent. Companies with an eye on strategic goals in
these areas may want to take advantage of a buyer's market."
(Reporting By Sinead Cruise; Editing by Toby Chopra)
