What is the current employment market like?

JasperRose Consultants are asked by both employers and job seekers on a daily basis, “what is the current employment market like?”

With local lockdowns being introduced, the furlough scheme ending and more people working from home, navigating the job market may feel bewildering.

Since March 2020, Coronavirus has made a lasting impact. From rising infection levels to job security, Covid-19 has created a damaging impact both internationally and nationwide.

So, what is the current employment market like and how has it changed since the start of the Covid-19 pandemic?

Employment Rates

Back in March 2020, according to the Office of National Statistics (ONS), employment rates hit an all-time high. The ONS reported that 76.5% of people aged between 16 and 64 years were employed within paid work. Between June to August 2020, employment rates saw a decrease to around 75.6%.

Unemployment Rates

As the economy continues to be impacted, a vast majority of businesses have been affected by the pandemic. Unfortunately, this has led to increased redundancy levels. Before Covid-19 came along, unemployment levels had been continuously falling. Now, those are who without a job but have been actively looking for a new role, has increased from 3.8% to 4.5%. This is around 138,000 more than the previous quarter.

Vacancies

Although the current situation may seem disheartening, on a more positive note, since August the number of vacancies has increased. Even though it is not back to the levels that were pre-Covid, there has been an increase of around 145,000 vacancies. Therefore, things are returning and there most certainly is light at the end of the tunnel.

Employee Pay

Whilst there may be an expectation that employee pay would have been affected, the rate of annual pay growth has been unaffected. From the previous year, average pay growth has varied by industry. The public sector saw the highest estimated growth at 4.1% for regular pay. The wholesaling, retailing, and hospitality industries saw negative growth at 1.7%. These changes are aligned to the rate at which the different industries have been affected by Covid-19.

Like many aspects of life right now, the current employment market trends are not close to where they were pre-Coronavirus. However, we have noticed a change in the pace of the current employment market at JasperRose. We have seen an increase in the number of vacancies by 38% from September to October.

If you have been affected by the impacts of Covid-19 and have been one of those who have unfortunately lost their job, keep going, remain focused and don’t give up hope.