Latest statistic by Recruitment specialist Morgan McKinley suggests that GDPR has created a huge amount of job opportunities for technology and legal experts.

Hakan Enver, Managing Director, Morgan McKinley Financial Services. “Hiring in technology, compliance and legal departments was astronomical. The new rules have meant huge changes for companies in the way that data is kept and it will require many companies to “bite the bullet” on hiring data experts. We’ve always had compliance teams and IT teams but we’re missing those in the middle that manage data. Firms that don’t comply with GDPR face fines of up to 20 million euros or 4 percent of global annual turnover, whichever is bigger.”

Across the board, financial services jobs decreased by 6%, month-on-month, suggesting a slight flattening of jobs available. In the same timeframe, job seekers were down by 21%. The significant drop was, in part, due to the two Bank Holidays and warm weather, which many used as an opportunity to take extended leave. In addition, institutions are seeking to recruit top talent directly from existing positions, instead of waiting for them to register their interest in new work. “Poaching has always been a part of the industry’s modus operandi, but it’s especially prevalent post-Brexit as businesses worry about the best and brightest leaving the City.”

The research by London Employment Monitor May 2018 highlights:

  •     6% decrease in jobs available, month-on-month
  •     31% decrease in jobs available, year-on-year
  •     21% decrease in professionals seeking jobs, month-on-month
  •     48% decrease in professionals seeking jobs, year-on-year
  •    27% average salary increase for professionals moving from one institution to another

 

 

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