Vacancies on the rise as competition for jobs cools


The total number of UK vacancies increased by 3.5% in February, representing a year-on-year increase of 0.9% and highlighting growth within the jobs market offering a range of opportunities for candidates.

This is according to the latest UK Job Market Report from Adzuna, which also showed monthly wage growth has started to pick up speed, rising by 0.3% between January and February.

Despite this increase from £32,420 to £32,520, wage inflation is not running at the same speed as vacancy growth. However, Adzuna pointed out the National Minimum Wage is set to increase this year, in line with Phillip Hammond’s Autumn Statement.

With competition per vacancy cooling off thanks to the rise in advertised jobs, the labour market offers multiple opportunities for jobseekers and employees of all skill sets at different levels, resulting in competition of 0.47 candidates per vacancy.

Doug Monro, co-founder of Adzuna, said: “It is promising to see wage growth slowly starting to pick up following the recent dry spell. Although wage growth is currently not progressing at an optimal level, jobseekers and employees should not be discouraged. With Article 50 about to be triggered, Brexit plans are starting to take shape and with the jobs market leading decision making, it is likely that the UK labour market will not be left short changed.

“Despite this, given the restricted growth potential of advertised salaries at present, employees may benefit most from staying put in their current roles and waiting for wages to pick up. For jobseekers, it is not all doom and gloom as the expanding choice of vacancies on offer suggests they are not tied down to traditional full-time employment roles. Companies offering flexible contracts as well as the gig economy provide a safety net for those looking to evolve rather than be swept away in the midst of the uncertain political climate.

“On a positive note, a clear path has been paved for those looking for a new lease on life and change in career path, as competition per vacancy has decreased, suggesting there is more ways than one to rise the ranks for those of all ages.”

The data also showed that the HR and recruitment sector is currently outperforming other sectors in terms of wage growth. Adzuna said this reflects the importance placed on HR and recruitment professionals as organisations prepare to tackle the challenges presented by Brexit and the subsequent potential impact on the UK talent pool.

Wednesday, 29 March 2017

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