Back in July we shared a roundup of the latest figures regarding the state of the job market. It was a pretty dismal outlook, however there were some positives to be found.
We’ve taken another look, six months on, and noted the key stats below. It shows a mixed picture, varying widely from sector to sector and region to region:
1) The number of new vacancies posted in October grew by 9.7% month-on-month.
Though vacancies are 25% lower than they were this time last year, we are beginning to see growth as the number of vacancies increases each month.
2) There are over 1.2 million active job vacancies right now in the UK.
Statistics show this is a slight dip on the peak we saw in September, but a huge improvement from the numbers seen in spring and summer.
3) 227,000 people were made redundant between June and August.
This is a record increase of 113,000 people compared to the previous three month period, as employers prepared for the initial planned end to the furlough scheme. Since February 2020 nearly 700,000 people have lost their job.
4) Job applications per vacancy have dropped 14.5% month-on-month.
Despite a record number of people unemployed, job applications per vacancy have dropped month-on-month, from September to October.
However compare this figure to October 2019 and we see that each vacancy in October 2020 is receiving over 30% extra applications. It’s a competitive market out there!
5) There are currently 2 million employees still on furlough.
According to statistics from the ONS, one in 13 workers is still on furlough, much lower than the 9 million people at the peak of the pandemic.
6) IT professionals account for over 30% of all current vacancies.
The demand for IT professionals that we saw in July has continued to hold strong. In a normal climate IT roles account for around 20% of all vacancies, so we can see a growth as companies go through a period of digital transformation.
Distribution has also been shown to be a growing sector with vacancies rising over 70% from September to October.
7) Hospitality and retail vacancies continue to drop.
Unsurprisingly vacancies in the hospitality and retail sectors continue to fall as we head in to our second lockdown.
8) Leeds and Leicester have seen the biggest growth in vacancies.
When we look regionally we can see that Leeds, Leicester, Birmingham, Nottingham and Bristol have seen the biggest growth in vacancies. London, Hull and Portsmouth have seen the smallest growth in vacancies.
9) A third of workers would quit their job if they couldn’t work from home on a permanent basis.
Research has shown that a third of workers have enjoyed working from home so much that they’d quit if it wasn’t supported long term. This is despite 41% of homeworkers reporting that they have an “inappropriate” working environment such as their bed or sofa.
10) Over 50% of recruiters feel their mental health has suffered this year.
Research published by the CV-Library has shown many in our industry have struggled with their mental health in the past year.
After such unprecedented events it’s hardly surprising, with financial difficulties cited as the number one reason for the rise.