The latest figures suggest that graduate employment is increasing in the capital. Plus the number of visits to London is rising. Are good times here again?
Graduates looking for a job in the City are going to find it easier this year than they did last. As fortunes increase more companies are looking to hire graduates.
The financial sector is looking to hire 42% more graduates than it did last year. The figures, which come from the Income Data Services’ Pay and Progression for Graduates report – which comes out every year – suggests the rate of graduate hire in the financial sector is increasing twice as fast as it is across other professions. The average graduate hire rate is 18%.
Last year graduate hire levels were around a quarter of that at 4.3%. The financial sector in fact lowered its targets for graduate hire in 2013. With confidence rising and the UK economy on its strongest course since the downturn began in 2007 the mood is spreading to every level of businesses. As confidence rises so firms are looking to boost their own numbers and invest in graduates.
The news comes hot on the footsteps of another ray of sunshine for London. As the economy continues to improve more firms across the UK say they’re coming to the capital to do business.
A survey asked firms who visit London regularly for business how many more trips they had planned in 2014. Of the 10% who come to London most often a tenth said they planned to increase their business in the capital by around two fifths. A third of the 200 companies questioned said they were likely to do more business this year than last.
The reasons for visiting the capital ranged from showcasing their business to London companies, to agree commercial terms with a London business and 7% said they were setting up a new business in the capital itself.
The majority of businesses said they stay for fewer than seven nights but 5% said they stay in London for more than a year at a time. Just under a tenth said they stay for at least a week.
The news bodes well for Clarendon Serviced Apartments. Graduate hire increases suggests business confidence and that commercial activity is set to expand rather than stagnate has it has done for the past five years. Graduates provide fresh thinking and help shape the businesses of the future.
Meanwhile the appetite for growth within the capital extends throughout the UK. With businesses looking to do more work in the capital it is good for those in the property market, like Clarendon. Extending our portfolio to new areas like Ealing Broadway has come from demand as people look to diversify their commercial work and stretch into new corners of London.