Job market appears to be slowing down as we head deeper into 2022
Recent data from Broadbean Technology indicates that job numbers are beginning to slow following the spike in vacancies during the first quarter of this year.
Vacancy figures were down 55% between March and April 2022, and the data also suggested that job application numbers continue to decline. The statistics suggest that the lack of resources agrees the UK is impacting job market growth.
Further information from Broadbean also shows a 37% decline in the number of vacancies year-on-year between April 2021 and April 2022. This could be due to the hiring spike reported last year when UK businesses prepared for Freedom Day in 2021. Similarly, applications decreased by 75% month-on-month and 75% year-on-year.
Looking at the data by sector, the following industries saw significant drops in applications
Application numbers in the IT sector fell 72% between March and April of this year
The logistics sector saw a drop of 77%
Building & construction were down 75%
With talent shortages reported across all three of these sectors, these numbers come as no surprise.
Alex Fourlis, Managing Director at Broadbean Technology, commented: “The UK’s skills crisis is continuing to be a focal issue, and for good reason as our data shows that these shortages are impacting almost every business, across every sector. While the sudden rise in recruitment activity received a warm welcome at the beginning of 2021, we are beginning to see signs of vacancy numbers slowing down over a year later. Given the dearth of available resources, there’s a high chance that this drop in new vacancies is simply a sign that businesses cannot fill roles they’ve had open for some time and are unlikely to add any more roles if they cannot meet the current operational needs.”
“For employers and recruiters, now is a critical time. Businesses need to rebuild and nurture dwindling talent pools, utilise innovative technology and maximise partnerships with external talent suppliers in order to find the resources that are needed. Difficult times are ahead for the UK economy, and we need a recruitment market that can best support economic growth.”