MM Search Business Delivery Manager, Rory Cleat, examines the high volume of job vacancies being seen across the sectors in the UK.
In the first quarter of 2022, we reported that the UK was seeing a rising demand for talent, and these figures have now reached new heights, with the Office for National Statistics stating, “The number of job vacancies in February to April 2022 rose to a new record of 1,295,000.” The ONS also highlights the marked variation in vacancies across different industries, with the arts, entertainment and recreation sectors and construction sectors seeing the fastest vacancy growth rate.
This figure also means that there are presently more vacancies than unemployed people, representing a UK first. It is suggested that this surge is a result of post-pandemic retirement, a reduction in the size of the workforce owing to Brexit rules and an increase in the number of employees taking long-term sick leave.
Quarter one of 2021 also saw record numbers of workers making job-to-job moves. The ONS highlights that these moves resulted from resignations rather than dismissals, which may suggest that some employees are leveraging this boom in vacancies to facilitate the next step in their careers.
With the unemployment rate at its lowest since 1974 and the volume of vacancies at an all-time high, the current recruitment landscape is incredibly competitive. This can be a source of frustration for businesses that are poised to take their next steps but are limited by staffing shortages. This has led to some companies inflating starting salaries and spending thousands of pounds on internal recruitment activities such as job board advertisements. However, this course of action is unlikely to gain much traction in the current climate.
The sheer number of available opportunities means that candidates can be thin on the ground, particularly for highly specialised roles. An executive search agency or headhunting firm can prove to be an invaluable asset for companies looking to take on more talent.
As well as helping businesses design bespoke packages that will attract the highest quality of candidates, agencies can also draw on their vast networks of contacts to source passive talent. By opening the door to a rich pool of high calibre candidates that would otherwise remain out of reach, recruitment firms enable businesses to secure positive placements that go the distance and are beneficial to both the company and the individual.
Let’s discuss your search needs
The current recruitment landscape can seem daunting; however, at MM Search our specialised sector knowledge and a global network of contacts, help you find candidates that fit both the role and the company. The MM Search team are on hand to support you in finding talent that will help you achieve your business goals and remain on track with your growth plans. Contact us today to learn more about our unique people-first approach to executive search.