Brexit – The latest hiring trends and updates
After Brexit, it’s safe to say businesses and the general public were filled with fear for the future of the economy and the jobs market.
Over the summer, research by Adzuna showed advertised vacancies did in fact fall by 31,000, but the number of jobseekers per vacancy stayed consistent. This may seem a dramatic drop, but the news reveals no major fluctuations despite the Brexit uncertainty. In fact, compared to six months ago, hiring in general saw an increase of 0.6%.
Job industries thriving
According to The Telegraph, there were 8,285 new finance jobs on the market last month, a rise of 5% over the previous month. August’s monthly hiring levels were also above average at 7,900, showing businesses remain confident regardless of the referendum result.
Workers who moved to a new job in August typically saw a 16% pay rise, similar to the pay rises seen the same time last year at 17%.
Sky News also reported growth in the consultancy sector with advertised vacancies up 5% each month, a 10% increase over this time last year. Another interesting point to note – consultancy salaries have increased by 8.9%.
To add to the seeming demand and confidence in the job sector post-Brexit, there are ever more sectors showing a boost in yearly salaries. Including: Maintenance – up by 12.1%, Property – up by 7.9%, PR – up by 4%, and IT – up by 2%.
According to the latest figures from the Office for National Statistics (ONS), although the number of advertised vacancies fell, employment rate reached its highest level since records began in 1971.
Trends in online jobs
A recent report from The Association of Professional Staffing Companies (APSCO), showed permanent hiring has slowed down, however, temporary and contract employment has risen. The UK has undoubtedly seen a trend in self-employment as many workers seek for alternative sources of income.
Not all recruiting boards witnessed a fall, with niche language job board Multilingual Vacancies reporting a steady increase in advertised jobs requiring German speakers during June compared to last year, with Dutch not far behind.
The highest increases for both the amount of advertised jobs and applications submitted were in the legal sector at 37.5%, catering at 32.8%, and education at 32%.
A recent Path Motion survey found, a massive 95% of employers consider having access to the EU graduate pool is vital to the success of their business.
The jobs market certainly isn’t as dire as some financiers state. Many business owners across the country hold the stance ‘it’s business as usual’, and this attitude is clearly evident through the facts and statistics made known to the public. It’s impossible to tell exactly how Brexit will affect the jobs market as the current situation is far from mature. But the current details tell a very positive and encouraging story for the future of the UK hiring sector.