With the latest ONS data showing a ‘loosening’ job market, quarterly data from CV-Library, reveals that job applications for the third quarter (July, August, September) have reached record levels, even surpassing quarter three in 2020 – the remarkable period where applications surged following the first lockdown.
The data reveals that total job applications for quarter three are up +41% year on year, an incredible +57% compared to 2021, and 1% higher than the extraordinary post-lockdown period in 2020.
Lee Biggins, founder and CEO, of CV-Library said, “The unprecedented growth in job applications during the last quarter further signifies how UK workers are adapting to the evolving challenges in the UK economy and global landscape.”
Biggins continues: “There are still plenty of jobs available but we’re seeing recruiters being more cautious and selective in their hiring processes.”
The surge in job applications is indicative of a more competitive market, with candidates vying for limited positions, prompting both employers and job seekers to adjust their strategies. Moreover, the data suggests a shift in the dynamics of the job market, as the economic recovery from the pandemic continues to shape hiring trends.
Interestingly, the industries that witnessed the most significant surge in applications include technology, healthcare, and finance, reflecting the growing demand for skilled professionals in these sectors. This trend aligns with the digital transformation efforts and the increased emphasis on health services, propelled by the lessons learned during the global health crisis.
Amidst these developments, remote work opportunities have also played a crucial role in shaping the job market landscape. With a significant portion of the workforce expressing a preference for flexible work arrangements, companies are reevaluating their policies to accommodate this shift in employee expectations.
As the job market evolves, employers are urged to embrace a more holistic approach to recruitment, focusing not only on technical skills but also on candidates’ adaptability and potential for growth. Additionally, fostering a supportive work culture and offering competitive benefits will be key in attracting top talent and retaining valuable employees in this dynamic and competitive environment.
