We’ve all been there, confused between what is fact and fiction when it comes to recruitment statistics. The truth is that the job market is fiercely competitive, and these statistics and figures change on a daily basis.
We often hear about the negatives, how there aren’t any jobs for people and other comments. However, this isn’t the case. Many industries are struggling to recruit, this is due to the fact that they need such a high volume of workers.
But enough about these vague notions and comments, let’s get down to the truth about the current job market and what you can do as a candidate to make the most of it.
What is the current UK employment rate?
According to statistics between the ages of 16 – 64 the current employment rate is around 75.8%. The unemployment rate is at a low of 3.8%, so where are the missing numbers?
We have to factor in that some people are retired before the age of 64, as well as there are some who are unable to work due to health reasons.
What is the current number of job vacancies?
In the first three months of 2023, there were 47,000 fewer job openings than the previous quarter. It’s become a bit of a pattern, with a nine-quarter streak of falling vacancies, showing just how uncertain different industries have been. Survey respondents have cited economic pressures as a key factor in declining recruitment.
However, this isn’t a sure sign that everything is going down. After the unease last year relating to increasing interest rates and general banking uncertainty, many employers may have held back during the first quarter of the year.
What was the growth in salary?
So, let’s break it down. From December 2022 to February 2023, there was a 5.9% increase in an employee’s overall pay, including bonuses, while regular pay growth (excluding bonuses) was 6.6%.
The private sector saw average regular pay growth of 6.9% during the same period, compared to 5.3% for the public sector. Recently, the gap between these two sectors’ growth rates has narrowed. But that’s not all. When we factor in inflation, real growth in total and regular pay decreased in the year from December 2022 to February 2023. In fact, real total pay fell by 3.0%, which is the largest drop since 2009.
Because of this employers and recruiters are seeing more “job hopping” than before. It is widely known that one of the ways people have increased their salary is by moving into new job roles. Use that knowledge to your own advantage.
What does this mean for you?
While some of these numbers might not paint a particularly bright picture, we must remember that these results are only from the first quarter. This period of the year was extremely turbulent for many industries for many different reasons.
What you can do as a potential candidate is look at these numbers and look at the opportunities you have available. Leveraging salary insights is one way you can ensure to get paid what is expected. A recruitment agent will be there to help ensure you are getting a competitive salary for your role.
Not only can you use these figures to help benefit your income, but you can also look for ways to upskill and improve. This will make you more valuable as an employee or prospective candidate.
There is always more to the story than meets the eye, don’t let a small snapshot of a constantly changing market affect your perception. Businesses are recruiting and they want the best talent.
Speak to our experts today to start a conversation about your next career opportunity.
**All statistics were obtained from the Office for National Statistics and were correct at the time of writing.