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With the passing days, major changes are taking place in the job market. More and more candidates are applying for jobs while the number of available jobs is decreasing.
This situation is making job searching more difficult for candidates, but also impacts employers, as they are not receiving overwhelming amounts of applicants to each job they advertise.
Recent Statistics
The number of applicants for an average job has seen a phenomenal increase since the start of 2024. Competition for job openings in the UK and US has intensified.
According to a journal report in March 2024, there are an average of 240 candidates for every open job.
This number is 30% higher than last year.
The number of job seekers has also increased in the UK. There are an average of 180 candidates applying for every open job in the UK.
Inflation and Wages
Post-coronavirus inflation in the UK and the US has increased the cost of living dramatically, pushing up salaries for employers and forcing them to pay their staff more, meaning cuts in other areas, including redundancies.
According to a February 2024 report from the US Department of Labor, the CONSUMER PRICE INDEX (CPI) increased by 6.4% annually.
Resulting in employers feeling the pressure to pay better wages, and employees feeling the pressure to make ends meet.
In Great Britain too, rising food and housing prices have necessitated an increase in wages.
Difficulties in finding a job
In the current job market, candidates face more competition and therefore have to work harder to get a job, often jumping through corporate hoops they would not have entertained a mere 2-3 years ago. No longer can candidates demand a hybrid work schedule, remote reschedule or flexible working, the tables have once again turned in the favour of the employer.
According to a recent survey, candidates have to submit more than 20 applications to obtain a single interview with a company.
Hence, the process of getting a job is proving to be complicated, competitive, and drawn out.
Effects of economic crisis
The current economic crisis has also had a profound impact on the job market.
The uncertainty of the economy in the United States and the United Kingdom has kept companies from recruiting new employees.
During 2023, there was a fear of a recession due to the global slowdown in the US economy, which continued to have negative effects on the job market.
Remote work and freelancing
Remote work and freelancing also play a role in reducing jobs in the current job market conditions. Candidates and employees can increase their income by preparing themselves for this.
This trend is mostly seen in the tech and creative industries.
Tips for Employers
- Employee Wellness
Providing a positive work environment for employees and avoiding factors like stress can help employers attract the best talent.
- Flexible Work Policy
A large number of employees and candidates are willing to work flexibly and from home. Employers should use this policy to attract the best talent to them.
- Diverse Recruitment
Employers should eliminate age discrimination for employees and candidates and provide opportunities for employees of all ages.
Tips for Candidates
- Upgrade Your Skills
To succeed in the job market, candidates need to upgrade their skills with the changing times and keep abreast of new technologies and trends.
- Networking
A famous phrase,
Your Network is your Net worth.
Therefore, explore new opportunities through professional networking and stay in touch with relevant industries.
- Be Consistent
Be patient and persistent in your job search. Don’t get discouraged when faced with a long and complicated recruitment process.
