New research from reed.co.uk, the UK’s largest online jobs board, suggests that the labour market is showing early signs of recovery, with 120,000 new vacancies added to the site in July – an 8% month-on-month increase.
Despite the UK being in a recession, reed.co.uk found that jobs postings were slowly rising in nearly all the sectors advertised on the site. Of the thirty-eight sectors listed, only four experienced a decrease in job postings between June and July – namely Apprenticeships, Graduate Training, Health & Medicine, and Social Care. Opportunities in the remaining thirty-four sectors grew during the month of July, with the most notable increases being in the charity (1356%), scientific (245%), and public sectors (82%).
Similarly, reed.co.uk found that job opportunities are starting to emerge across the country, with Wales seeing a 162% increase in job postings between June and July. Other significant increases include Northern Ireland and London, where opportunities rose month-on-month by 51% and 23% respectively.
The research also revealed that applications have increased on average by 48% for each vacancy listed on reed.co.uk when comparing results from 1st-28th February and July this year – before and after the pandemic had affected the UK’s labour market.
The increase in the average number of applicants per role, from 16.5 to 24.5 candidates, creates more competition for jobseekers, who are advised to update and enhance their CVs and consider upskilling or reskilling to ensure their application stands out. There are currently over 40,000 courses available on reed.co.uk, covering a range of sectors and attributes, and a CV builder and CV templates are also available for free on reed.co.uk.
Commenting on the figures, Phillip Rinn, managing director of reed.co.uk, said:
“With all the doom and gloom in the news, it can be easy for jobseekers to think that their job hunt is over before its even begun. Yet, despite the UK entering a recession, our research shows that job opportunities are increasing in almost all sectors.
“This definitely bodes well for any jobseeker, but, while there are additional opportunities, there is also more competition for each role. Reed.co.uk data shows a 48% increase in applicants per vacancy on average, meaning the typical candidate now faces competition for a job with 24.5 others rather than 16.5.
“While this increase will be unwelcome news to many jobseekers out there, it should also be a glimmer of hope that not all is lost. Now is the perfect opportunity to assess options in new industries, freshen up your CV and learn new skills. In the past month, we have seen an 8% increase in the number of job vacancies, a positive sign that the UK labour market is slowly starting to recover.”