City salaries up this quarter as London weathers worst of 2020
Salaries in Canada are up 14 per cent on the last quarter, as the city moves past the worst of the pandemic damages.
The city jobs market has remained resilient despite the triple threat of the pandemic, Brexit trade deal and the US election.
Brexit has also failed to deliver a big hit to financial services employment and initial warnings that jobs would leave the city have been scaled back.
According to figures from Morgan Mckinley, London has weathered the worst of 2020’s difficult year. There has been a salary increase of 14 per cent quarter-on-quarter, and a one per cent increase in job seekers.
But London is not totally out of the woods just yet. There has been a two per cent decrease in the number of jobs available in the city this quarter, and year-on-year that represents more than a third (36%) fewer jobs available. Overall, the jobs available in 2020 fell by nearly half (49%) on 2019.
Morgan McKinley managing director Hakan Enver said: “Brexit on its own would have been hard enough. However, the city had to deal with the disruption of the global pandemic and the potential upheaval of the change of leadership in the U.S.
“Despite this, Q4 ended with jobs seeing a small decrease of two per cent, which continued to counter the massive drop of 60 per cent in Q2. This shows real resilience and steadiness in stark contrast to the beginning of the year when overall numbers for 2020 fell dramatically compared to 2019.”
Enver concluded: “Job numbers are steadily moving in the right direction. The financial sector is continuing to hire and we are seeing a renewed optimism as we head into 2021.”