Labour market data from the ONS shows a sharp fall in overall UK job vacancies due to the pandemic. As a whole, vacancies regardless of sector fell by 55.1% (y-y) during the past quarter.
There has been a decline in vacancies across the automation, infrastructure and cyber markets (from -21% to -25%). But they have fallen by less than half the national rate.
Salaries too, have dropped in line with reduced demand. However this is most apparent in London. Salaries outside of the capital remained steadier. Skills-short sector cyber security reported only minimal salary reductions – 1.4% – compared with a national average of -2.4%.
Demand from candidates has increased, with more talent entering the market. Search queries for jobs in our sectors have risen by up to +170% (Google Trends), along with courses and apprenticeships. According to LinkedIn’s Workforce Confidence Index, over half of respondents wished to grow their skills base in emotional intelligence, resilience, and better impact societal change. Sustainability, artificial intelligence, ethics, renewable energy and cyber threat intelligence were breakout topics.
There are signs of recovery too. All the top hirers of industry talent are recruiting for experienced professionals. The most recent REC JobsOutlook survey reported that with the total number of job adverts starting to increase, the temporary jobs market is rebounding. Skills-short niches including cyber security, data science, & surveying continue to be in demand.
The reports further highlight the importance of providing a great candidate experience. Now is not the time to put employer brands on the back-burner.