As per the findings of the research published by Indeed, the labour market in the UK is witnessed to be extremely active with an increase in job postings by 39% on Indeed from February 2021, figures seasonally adjusted. A very remarkable trend that is noticed is that workers are increasingly looking for remote roles and this has increased by nearly 500%. Spikes in interest for remote work, mainly during lockdowns have been observed, and in the past few months, this trend is increasing again. So, job-seekers are still interested in remote placements. It might be that certain people who are called back into offices are not keen to get back to do so. Therefore, they are ever more interested in alternate roles where they can carry on working remotely.
Tumultuous period
The observed trends indicate a tumultuous year for the job market. During the onset of the pandemic, the percentage of job postings reached the lowest point at 60% of the pre-pandemic phase in a continuously changing situation and the rate of recovery has been slow. As per reports, the UK had the slowest rate of recovery among the G7 nations about job postings rate across the nation. The rate of recovery did not kick up around the springtime of 2021 after the announcement of COVID restrictions declared by the government. People are also watchful of the influence of Brexit on the job markets. There is a diminishing rate of interest of job-seekers from the EU and a rise in interest from outside the limits of the EU, mainly in the high-paid jobs in different segments such as tech, healthcare, manufacturing and, engineering. For example, job-hunters from Pakistan are now applying for software developer jobs in the UK.
Companies have incorporated tech innovations namely video interviews to lure new talents. In certain segments, employers had to increase wages to attract the right talent in face of increasing demand for workers. It is observed that wage rates have increased strongly in certain sectors where is a huge demand for attracting as well as retaining workers. The wage rises above the rate of inflation are still limited to a few industries. However, this wage increase above inflation is not seen broadening out across the entire market on the whole. As per records, there was a 4.1% yearly increase in median wages during December 2021 in job postings, below the consumer price inflation rate. However, the in-demand segments such as construction, manufacturing, food service, and warehousing also witnessed an increase in wage rates to 7%-8%.
Transforming requirements of workers
For the most part, employers are finding the process of hiring extremely challenging at present. Employers are delving into things such as flexible provisions of working, and parental leave schemes to attract as well as retain employees. Also, it is observed that the younger population has started caring more about environmental, social along with governance issues, and gender discrimination. Thus, employers need to have a well-informed view regarding what they can offer to job-seekers. Thus, employer branding has also become gradually more important where companies are competing to attract the right talent.
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