11 SEP 2023
Competition for UK jobs peaks at highest level since January 2021
Traditionally, August tends to be a slower month in terms of recruitment activities, but this year has bucked the trend significantly. The data presented paints a picture of a job market that is bustling with activity, as applicants scramble to secure positions in various industries.
The UK job market is witnessing a noticeable shift, with competition for jobs soaring to levels not seen since January 2021, according to recent data from leading independent job board, CV-Library. In a revelation that might come as a wake-up call for job seekers, the board noted a substantial year-on-year increase in the number of applications per job - a whopping 38.3% in August 2023.
Traditionally, August tends to be a slower month in terms of recruitment activities, but this year has bucked the trend significantly. The data presented paints a picture of a job market that is bustling with activity, as applicants scramble to secure positions in various industries.
A Closer Look at the Numbers
Diving deeper, certain sectors have experienced a more pronounced uptick in application rates. The social care sector leads the charge with a staggering 142.8% increase in applications per job, followed by the education sector which saw an increase of 64%. IT wasn't far behind with a 60% spike, while construction and distribution sectors noted an increase of 39.8% and 39.2% respectively.
Regional Insights: Where the Job Hunt is Heating Up
Regionally, the East Midlands emerged as the hotbed of job applications, registering a 54.4% surge. Other regions witnessing a spike included the North West (+49.4%), West Midlands (+47.3%), North East (+46%), and the South West (+45.5%).
Lee Biggins, the Founder and CEO of CV-Library, highlighted that despite the high number of job vacancies, there has been a noticeable decline from the peak levels witnessed in July 2022. Biggins also emphasised the role of the escalating cost of living as a potent factor nudging more candidates to re-enter the job market, in hopes of augmenting or supplementing their current incomes.
Preparing for a Shift: Adapting to the New Normal in the Job Market
The shift in the job market dynamics suggests that job seekers may need to brace themselves for heightened competition. With the application-to-job ratio experiencing a surge, individuals looking to transition into new roles might face a more challenging path ahead.
As we navigate through this competitive landscape, the urgency for job seekers to differentiate themselves becomes more apparent. Crafting a well-rounded resume, honing in-demand skills, and building a robust professional network might just be the key ingredients to success in this bustling job market.