The most competitive talent hunt in years is hotting up across London, the Evening Standard reports. In what the paper describes as ‘a war for talent,’ the financial services, legal, PR, and construction industries are launching hiring sprees to bolster their resources after the difficulties of the past 12 months.
Confidence levels are high across the city as the retail and leisure economies begin to reopen, and the success of the vaccination programme promises well for the rest of the year. Some CEOs and recruiters are even going so far as to predict a roaring Twenties style bounce back from the destruction wrought by Covid-19.
The UK’s private sector is growing at its fastest rate since 2013, as the Purchasing Manager’s Index (PMI) rose from 56.4 in March to 60 in early April. Employers are also recruiting in their highest levels since 2013, the data shows. Vacancy levels across the country climbed by 16% in the first quarter of 2021.
One global advertising CEO said: “The jobs market is so hot in media. I’ve had staff telling me they’re being offered 20% pay rises to go elsewhere. The war for talent is in full flow.”
A major PR agency chief added: “It’s booming right now. Staff know they have options and it’s a job to try and keep them.”
In sectors such as technology, which generally thrived throughout the pandemic, confidence levels are even higher, with hiring taking place at the fastest rate since 2019. There is also increased demand across legal, accountancy, financial services, manufacturing, procurement, and supply chain.
The new flexible job opportunities opened up by remote working are also expected to widen the talent pool for recruiters and employers. Research from Microsoft has revealed that two thirds of staff want the remote working opportunities offered by the pandemic to become permanent, particularly among Gen Z.
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