The Office of National Statistics is the UK’s largest independent producer of official statistics. It's also the recognised national statistical institute of the UK. Their ‘Labour Market Overview’ is a well-regarded monthly report into the current economic trends affecting the UK labour market. The report comprises of only primary research into the labour market. It's also considered one of the most up-to-date sources available on the UK labour market.
And the ONS Labour Market Overview suggests that the UK labour market is thriving. The unemployment rate is the lowest it has been in over 50 years. In 2020, there were around 817,000 job vacancies in the UK, almost double the number there was ten years ago. And there is still evidence that the UK labour market is currently performing well.
So, it would be sensible to assume given these statistics, that employers are hiring less. It seems like everyone is already in work! Meaning that it’s not the right time to be looking for a job at all. But that doesn't seem to be the case in practice. In fact, job vacancy statistics provide evidence that employers are intent on increasing their workforce. The statistics show it might even be the best time to be looking for a new job.
This is thanks to statistics from the Recruitment and Employment Confederation. It is a not-for-profit organisation, that provides businesses with a wide range of services within the recruitment industry. They also produce a monthly report, the JobsOutlook report. It features in-depth analysis and insight about the UK's labour market, including detailed responses from employers about workforce planning. The REC report has suggested for a while that employers are having increasing difficulties acquiring talent, for permanent roles, with high percentages of the surveyed organisations expressing concern.
What have we learned from these reports?
Employment is high
Unemployment is low
But employers still want to increase their workforce
They are on the lookout for skilled new workers
They aren't finding them
Which is where you have an excellent opportunity. Not only to find any job, but to find the perfect job for you.
At Employin5, we think the perfect candidate is someone with not only the work experience and skills on paper, but with the right personality and work style to fit into their chosen team and environment. And we think that employers agree, which is why they are still on the lookout for talented employees, despite the thriving state of the UK labour market.
If you want to match with an employer that values all these aspects too, then get started today and create your profile.