Job vacancies in the UK reached a record high, as the UK jobs market rebounds from the effects of the pandemic.
The number of vacancies hit 953,000 in the three months to July, according to the Office for National Statistics (ONS). This increase suggests that the early summer spike in Covid-19 infections, coupled with the ending of the government’s furlough scheme has not significantly impacted the labour market recovery.
The annual growth in average pay increased to 7.4%, though the ONS has urged caution into reading too much into this rise. This is due to the direct comparison of last year, where a huge percentage of the workforce were on the governments furlough scheme, not receiving their full rate of pay. This number will continue to rise as the remaining workers still on furlough leave the scheme.
People in employment rose to 32.28 million, with the number of people on payroll having grown by half a million in the past three months. This growth brings the total on payroll close to the number at the start of the pandemic.
Solving the Ongoing Talent Shortage
The stats paint a reassuring picture for businesses, as the economy bounces back from an unprecedented recession. This does present a new issue for the jobs market – as it is “overflowing” with opportunity for candidates, employers will be forced to compete harder than ever for the right talent, particularly for more specialist roles.
Freelancers and contract workers have also seen a big boost in their hourly rates, forcing employers to think more long-term when bridging skills gaps.
Graduates are still in high demand, but many lack the business skills that will help them to stand out from the crowd. The lack of work experience due to the pandemic has left students feeling unprepared for employment, with many boosting their skills or changing career directions entirely, according to Prospects Early Careers Survey 2021.
With the ongoing shortage of talent in sectors like IT and Development, competition amongst employers is fierce, with many looking to train existing staff to combat this.
The government has highlighted a number of different solutions to the ongoing skills shortages across different industries. Alongside the existing Apprenticeship scheme, the second phase of Skills Bootcamps initiative is also live, as a method of quickly giving learners critical skills that many industries desperately need. The scheme places a heavy emphasis on digital skills in particular, as these are most in demand for businesses to continue to expand.
We’ve written before about the importance of a diverse talent acquisition strategy, that encompasses all solutions available to build the talent pipeline your business needs to thrive. In the wake of the pandemic, employers of all sizes need to be thinking about deploying a variety of solutions for their talent demands, instead of relying on just one.
We offer a range of different talent solutions, including Recruitment, upskilling through our Commercial Training and Apprenticeship teams and now Skills Bootcamps in Software Development. If you’re looking into solutions to fill the crucial skills gaps in your organisation, contact us below.