There were also 15% fewer candidates registering their interest for a new role during December 2008 compared with a year ago and 35% less than the previous month (November 2008).

The survey says this fall can be attributed to a number of people choosing to remain in their current role rather than voluntarily enter the job market – for example, those who are likely to receive a bonus payment in the forthcoming bonus round are less willing to move.
 
Candidates who did secure a new position during December took an average 76.3 days to do so – almost a month longer (28.5 days) than their counterparts did a year ago. This is further confirmation of just how tough the current hiring market is for candidates.
 
Commenting on the figures, Robert Thesiger, chief executive of Morgan McKinley’s parent company, Imprint, says: “The momentous events which have occurred during the past 12 months have changed the shape of the financial services landscape forever and the level of uncertainty within the sector has translated into a lack of confidence across all areas of the industry’s recruitment. The war for talent is over - employers now have a much wider pool of talent to choose from and candidates are facing fierce competition for the available roles.”
 
Thesiger adds confidence among candidates remains very low and the lack of visibility in the market “makes it impossible to forecast with any certainty how things will pan out”.

The average City salary registered £49,420 during December 2008, a decrease of 1% compared to December 2007 but up 6% on November 2008. This slight increase can be attributed to slightly inflated salaries being offered to some high-calibre individuals to encourage them to move before the bonus round.