Data shows impact of uncertainty reducing interest in and provision of new jobs.
Jobs and applications fall.
Increased economic uncertainty has led to a significant drop in job advertisements across the nation according to CV-Library. The job board has recorded a fall in the number of advertisements by 13 per cent month-on-month and a further 1.7 per cent year-on-year.
The findings, which explore job market data from November 2019 and compare this with the previous month and the same period in 2018, also reveal that the industries which saw the biggest drop in job adverts include retail (down 27.2 per cent), automotive (down 20.1 per cent) and distribution (down 20.1 per cent).
What’s more, when looking at data for key locations, the largest reduction in job adverts could be found in Cardiff (down 20.9 per cent), Nottingham (down 18.5 per cent) and Glasgow (down 18.2 per cent), suggesting that this is a national trend and isn’t limited to a single pocket within the UK.
“It’s no surprise that the industries with the largest drop in job advertisements are those that will be directly impacted by Brexit,” days Lee Biggins, CEO and founder of CV-Library. “In the face of such extraordinary political uncertainty, companies have no choice but to hold back on hiring new talent and this isn’t unusual at this time of year.
“With the UK set to make a monumental decision in less than a fortnight and the fate of Brexit hanging in the balance, many organisations will be waiting for the dust to settle before moving forward with their hiring campaigns. But as we approach a typically busier period for recruitment, we hope to gain some clarity on how we will navigate through these tumultuous times.”
Interestingly, it isn’t just employers putting on the brakes this month. In fact, job applications also fell by 11.8 per cent month-on-month, with key sectors witnessing even bigger drops, including: marketing (down 22.3 per cent), education (down 17.9 per cent) and automotive (down 16.6 per cent).
Furthermore, it appears that candidates in Scotland and Wales were the most reluctant to apply for new jobs. The data found that cities such as Perth (down 25.1 per cent), Cardiff (down 18.8 per cent) and Aberdeen (down 18 per cent) experienced the largest drop in job applications month-on-month.
Lee Biggins adds: “It’s important to remember that while these numbers are certainly exacerbated by the current political climate, this time of year is usually quieter for recruitment across the board. Because of this, it’s a good time to take stock of where your company is currently at and start thinking about your future hiring needs. In doing so, you’ll ensure that you’re ready to recruit when the dust has settled after the general election and when many candidates will be looking for a change after the Christmas period.”