The traditional January jobs boom saw advertised vacancies soar by a staggering 63.8% last month but the UK is still plagued by a skills shortage, according to the latest job market statistics from CV-Library.
What’s more, vacancies also saw a smaller increase of 5.6% when looking at year-on-year data.
Not only this, but applications sky-rocketed in January, increasing by a staggering 79% when comparing data with December 2018 findings. While this appears to be positive news for businesses, this comes as little surprise, given that the start of the year is often a busy time for recruitment after the December slow down.
Looking at the bigger picture, the findings reveal that applications were actually down by 13% year-on-year. Yet despite this fall, the amount of candidates registering their CV on CV-Library was up 17.9% year-on-year. This suggests that while professionals may not have made their next career move yet, many could be preparing to do so.
Lee Biggins, founder and CEO of CV-Library, comments: “Our latest job market statistics are a bit of a mixed bag. While the figures seem largely positive for this month, we simply cannot ignore the fact that candidate applications are down year-on-year and it’s no secret that the government’s failure to agree an effective Brexit deal is the key driving factor behind this.
“What’s more, unemployment is at its lowest rate since the mid-70s and while this is good news for the labour market and our economy, it’s having a knock-on effect on the job market, with fewer candidates actively looking for work. Coupled with the fact that less EU nationals are exploring employment opportunities in the UK, businesses are having to work harder than ever to fill their vacancies and plug the skills gap.”
The statistics also reveal that average salaries for new jobs rose by 3.1% year-on-year, as organisations strive to provide the most competitive job offerings.
With these statistics in mind, CV-Library offers practical advice to businesses across the nation who are hoping to attract talented candidates into their roles:
1. Streamline your recruitment process: Make sure it isn’t too lengthy and communicate with candidates throughout. Otherwise you risk them losing interest or ghosting your company.
2. Offer competitive packages: Today’s job hunters know what they want and that means your company needs to tick all the right boxes. Don’t just focus on salary; be sure to offer great perks, company culture and development opportunities.
3. Target passive candidates: With less people actively looking for a job, you’ll have to work harder to coax professionals out of their existing roles. Try referral schemes within your business and use CV search to help find passive candidates.
4. Build your employer brand: Another way to target both passive and active candidates – spend some time replying to feedback left on review sites and be sure to make the most of your social media accounts and company careers page.
5.Get your onboarding process right: Once you’ve made a new hire, make sure you give them the training and inductions they need to settle into the role. Otherwise you risk them leaving early, putting you back to square one.