4 Market Trends You Need To Be Aware Of…
According to figures from the Office for National Statistics, employment in the UK is at a record high, with more people in work than ever before. While this is great news for our economy, it does mean that less people are looking for new jobs, leaving vacancies unfilled and employers low on resources.
In fact, ongoing skills shortages are affecting many industries across the UK and it’s important that organisations are aware of these trends and are as proactive as possible. Below, we’ll take you through four market trends that you need to be aware of in order to attract, recruit and retain the top talent.
1. More companies are hiring
Our recent data tells us that advertised jobs in the UK increased by 9.2% in May, when comparing year-on-year data. This increase was witnessed in all corners of the UK and across the majority of industries.
It suggests that companies are feeling confident about their hiring plans, however, it does mean that there is more choice for candidates. As a result, it’s important that you’re doing all you can to ensure that your vacancies stand out.
Take a look at your job descriptions; are they as concise as they could be? How is your brand coming across on social media? Is your company website up to date?
Anything that you can do to attract more people to your roles will set you apart from the competition.
2. Application rates aren’t keeping pace
However, while there’s more jobs on offer, our May data tells us that application rates are falling behind, dropping by 14.8% year-on-year. There could be a number of reasons behind this.
Firstly, with ongoing uncertainty around Brexit, many people are choosing to stick with their existing employers, in a bid to protect themselves should the economy take a down-turn.
Secondly, this time of year tends to be a quieter time for job hunting anyway, with application rates usually picking back up in September.
Again, this means that you need to be more proactive with targeting candidates and finding the right people for your roles. Ensure that you’re using the most effective tools and consider how you can attract passive candidates, not just active ones.
3. Candidates are showing interest, but holding back
Interestingly, our data reveals that more candidates are registered on job boards like our own than they were in previous months. In fact, candidate registrations increased by 2.2% month-on-month and there were even bigger jumps in key regions such as the North East (up 4.3%).
These findings suggest that many job hunters are interested in starting new roles, but aren’t willing to move for anything but the best opportunities.
This means there’s even more pressure on companies to offer enticing packages, made up of competitive salaries, perks and benefits.
Consider what makes your company stand out. Do you offer anything that your competitors don’t? Anything that will give you an edge will help massively with your recruitment strategy.
4. Average salaries are increasing in key locations
Finally, having analysed fluctuations in average salaries, our data indicates that key cities in the UK are witnessing increases in pay. For example, salaries jumped by 6.2% in Liverpool, 5.6% in Portsmouth and 9.1% in Southampton.
There are a number of factors influencing this. Clearly, employers understand the need to keep up with market averages and offer top salaries to those that deserve them.
Alongside this, as mentioned earlier, employers are feeling much more confident than previous months and this is prompting many organisations to grow their workforce and increase their budgets.
Are you familiar with these market trends?
In order to recruit effectively, it’s important that you understand what’s happening in the market. It’s certainly a minefield and one that is seeing constant change, though it’s clear that many organisations are feeling confident.
We know that candidates are holding back on applying for jobs unless they tick all of the right boxes, so ensure that you’re offering the fairest and competitive packages.
CV-Library is one of UK’s fastest growing job boards, advertising a range of roles, from teaching positions, to software development. It also owns an array of other career sites, including Engineering Jobs.
Are you looking to grow your marketing, digital or sales teams? We have a huge network of amazing candidates across numerous industry sectors and levels of ability. So, for a free consultation on how we can help you achieve more:
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