In the past month, since our market update in October, relatively little has changed, although conditions have strengthened in some respects (see our thoughts on this):
Record number of vacancies / low unemployment:
- Unemployment remains historically low. It went up by 0.1% over the past month, a figure too statistically small to infer much from. However, we will continue to observe any changes.
- The number of job vacancies also continued at a record high.
- Details on both of the above can be found at:
- However the skills shortage is continuing to worsen, leading to the highest growth in wages since 2008: https://www.theguardian.com/business/2018/nov/13/workers-eastern-europe-uk-eu-employment-pay-growth
Our thoughts on this, plus observations on the run up to Christmas – important implication for candidates
- We have noticed employers coming to us with vacancies that are taking longer and longer to fill. A conversation with a client yesterday focussed on a junior role (suitable for a “second jobber”) that had already been vacant for 4 months – something unheard of in the previous decade!
- Employers are becoming more flexible on how they fill the roles as a result, as long-term vacancies have a significant cost to them both in terms of missed opportunity, plus placing extra burden on existing staff.
- It used to be that recruitment slowed down in the run up to Christmas, or clients put start dates back to January, rather than have candidates start just before the break. However this has changed. We are working on a record number of live roles for the time of year and over 90% of clients will hire immediately – those mentioning a January start have been in the minority. We directly correlate this with the points above.
- Our advice is therefore if you are considering a move, do it now! Don’t wait and presume that January is the time to start a job search. Why not take advantage of record high salaries, flexibility from employers and urgency to hire – these conditions are the perfect recipe for job seekers to get the best possible outcome! With a bit of luck you may even get to spend December on paid gardening leave if you have a notice period.
If you would like further information about the current market, to assess your options ahead of New Year, or to take advice on salary, appraisals, career options etc. then please get in touch at [email protected] or on 0207 359 8244.