What does the number of job vacancies tell us about the state of the employment market? Well, the answer could depend on your chosen source…
Two different news items published only a day apart suggest that:
a) Advertised job vacancies are falling and reflect a ‘cooling off’ period
Source: Recruiting Times & Adzuna
Adzuna has been recording its own data since 2012. However, it will not have access to the same quantity of data as our next source.
That said, it’s still of national interest as it considers the UK as a whole. Perhaps most interestingly, these findings also report on competition levels; stating that application numbers have fallen to an all-time low since Adzuna’s records began 6 years ago.
b) Job vacancies have reached a record high since 2001
Conversely, the ONS reports that job vacancy numbers have reached the highest level recorded in 17 years. Although these figures are taken from the August to October 2018 period; Adzuna’s refer to the ‘latest data’ which may well be exploring the past month.
This report also reflects a talent shortage, stating that ’employers across many sectors are continuing to experience fundamental challenges in finding the staff and skills that they need.’
What the REC has to say on this topic…
As you may well know, the Recruitment & Employment Confederation also conducts regular research.
Their latest press release explored October’s figures and found:
- Staff appointment numbers rose at their fastest rate last month.
- Job vacancies ‘expanded at the softest pace’ for almost two years in October, yet staff demand was ‘historically sharp’.
- Overall candidate availability fell at its steepest rate in nine months.
Considering all these findings, it appears that there is greater consensus across the sources than it might have appeared at first glance.
Certainly, each agrees that businesses are facing skills shortages, with HR Review reporting that “employers can expect to face continued recruitment and retention pressures and need to prioritise workforce planning.”
Looking to overcome the skills shortage?
- Re-read our original advice post for job-seekers and employers.
- Take a look at the latest job vacancies in Bath & Somerset.
- Brush up on your job hunting skills to ensure you’re staying savvy in your search!