New jobs and applications fall in the UK over the past 12 months according to the latest data from Broadbean Technology.
The firm’s data shows a 3% decline in the number of new jobs last month when compared to July’s figures, highlighting a slowdown in the job market.
The number of people applying for roles has fallen by a dramatic 27% month-on-month, indicating that key markets are feeling the impact of skills shortages.
While a seasonal decline in hiring is expected around this time, the annual statistics demonstrate a significant decline.
Both jobs and applications fell when compared to data from the same period last year, dropping 24% and 30% respectively.
Alex Fourlis, Managing Director of Broadbean Technology, commented on the data:
“Both the data on new jobs and applications paints a concerning picture for UK employers across all industries.
“It will come as no surprise to firms in many sectors but we do not have enough highly skilled professionals in the country at the moment to meet demand, even when the number of new roles has fallen.”
“We would expect to see a connection between the new job and application data.
“However, the fact that the proportion of new applications has fallen at a much deeper rate than the number of new roles suggests that skills shortages are intensifying.
“Businesses won’t be able to solve these problems overnight.
“They will need to invest in ways to source and hire the right talent as well as upping their retention efforts in order to hang on to the skills they already have on their books in such a skills-short environment.”
Job applications fall: Astute’s take
Kevin Over, Head of Power at Astute, shared his thoughts on how contract recruitment could be the answer to talent shortages and the job applications fall.
“While the broader UK job market may be experiencing a decline in job openings and applications, the Power Generation industry tells a different story.
“We’ve seen an unyielding surge in demand for highly skilled professionals across the sector, something mirrored by my colleagues in Astute’s Renewables and Nuclear teams.
“This persistent need highlights the importance of considering alternative staffing solutions such as contract recruitment.
“Using contractors not only allows companies to adapt swiftly to market demands but also provides an effective strategy for sourcing specialised talent in an industry that is clearly bucking the trend.
“The benefits of using contractors are manifold.
“They can be brought on board with short notice periods, preventing project delays and ensuring uninterrupted productivity.
“Their specialised skill sets also offer a targeted approach to problem-solving, making them invaluable assets in these fast-paced times.”
If you enjoyed Kevin’s insight on the job applications fall and how to resolve talent shortage challenges, connect with him on LinkedIn or contact us for a no-obligation conversation on how you can utilise contract recruitment for your business and projects.
About the author of “Job applications fall, but talent crisis continues”
Kevin joined Astute in 2013 as a Resourcer before being promoted in 2014 to a Recruitment Consultant, 2016 a Senior Recruitment Consultant, 2017 a Team Leader and finally, 2018 as Head of Power.
As Head of Power, Kevin recruits permanent and contract roles such as Development, Construction and Operations Teams for leading businesses in the Operations & Maintenance, EPC and Development space.
In 2014, he achieved his CertRP.
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