Here at Workforce, we work with companies and businesses across all sectors, helping them to fill gaps in their staffing structure effectively, efficiently, and to the highest possible standard.
As part of this commitment to clients old and new, we actively monitor the labour market across the UK, tracking the trends and identifying areas where vacancies are at a high or a low – with this information allowing us to continue to pair businesses with the candidates and talent that they need.
Since the start of 2022, there has been much talk about the rising number of vacancies across many industries, with the power firmly in the hands of candidates who are seeking new job roles. And while some of this can be attributed to the pandemic and the reopening of the economy, it seems that this rise in vacancies is not a result of new roles coming onto the market but rather the longevity of vacancies which remain unfilled.
To put it plainly, there are currently more vacancies on offer than there are unemployed people waiting to fill them – and that puts businesses in a challenging state of competition. Everyone wants the best candidates to find and apply for their jobs – but how do you attract the best of the best?
That’s where companies like ours come in, supporting businesses in attracting and retaining the highest level of candidates for all manner of roles and positions.
Key Takeaways from the UK Labour Market Stats 2022
It’s not just vacancies which are on the rise. The cost of living and inflation has also seen a huge spike in recent weeks and months, which is making it more difficult than ever for businesses to offer competitive and compelling salaries.
In fact, average wages excluding bonuses across the UK fell between January and March 2022 in relation to the cost of living. Meanwhile those including bonuses saw a small increase, indicating that employers are more inclined to increases bonuses rather than the baseline salary figure of their team.
A few other stats to consider and take note of:
- Unemployment levels have fallen and are now at 117,000 below their pre-pandemic levels which demonstrates an upturn in the UK labour market.
- The number of vacancies has continued to rise and was at 1.3 million between February and April 2022. This can be attributed to a number of things, namely the reopening of businesses after the pandemic and the increase timespan of active vacancies staying on the market.
If you need help or advice when it comes to filling vacancies, especially those more specialist roles, Workforce can help. Get in touch to discuss your vacancies and staffing requirements.