The number of job vacancies are increasing but are still outstripped by the increase in jobseeker applications
The job market continues to remain buoyant in the face of economic and political uncertainties, according to research released by totaljobs. The Totaljobs Employment Index has shown that job postings on the site were up 7% year-on-year (YoY) in October.
The data shows that businesses in the UK are open to hiring new staff. However, this demand seems to have been outstripped by jobseekers’ needs, with the number of applications on the totaljobs website up 14% YoY. This means that despite an increase in vacancies, the number of applications per job has soared 7% YoY.
Looking at the last three months (Aug-Oct), this trend continues compared with the same period in 2015, as jobs rose 11% and applications increased 12%. Broken down across the UK, the best performing regions in terms of growth in jobs posted include the North West (up 17%), the East Midlands and Wales (both up 13%).
The sectors which enjoyed the biggest job growth were catering & hospitality (up 27%), transport & logistics (up 21%) and oil, gas & alternative energy (up 12%). Lagging behind were travel, leisure & tourism (down 16%), education (down 8%) and science (down 7%).
John Salt, director, totaljobs said: “Our data shows that, contrary to many people’s predictions, the job market is going from strength to strength; employers are busy hiring, and jobseekers are busy job-hunting. This has in turn impacted the unemployment rate which fell to 4.8% this month - the lowest since 2005 according to the ONS’ most recent statistics.
“Although competition for jobs has heated up, there is still a fierce battle to attract the very best candidates, and employers who offer a genuinely attractive proposition will emerge victorious. Now is the time to invest in employer brand, or look at offering flexible benefits or working conditions to secure top talent.”