What is the job market like right now UK?

The job market right now UK is a massive mix of challenges and opportunities. There has been plenty of bad economic and financial news in the UK in the past year so lets not pretend that it is all roses… If you are searching for what is the job market like right now UK then chances are you are about to enter that job market so whilst it isn’t all roses it also isn’t all doom and gloom.

There is still growth and there is still opportunity so lets get into the facts…

Employee Numbers and Growth Trends

Between December 2023 and January 2024, the number of payrolled employees in the UK increased by 15,000. Over the year, this growth trajectory equates to a 1.3% increase or an additional 386,000 employees.
Growth is predicted to continue throughout 2024, but the rate of the growth is predicted to slow

Employment and Unemployment Rates UK

The UK employment level (for those aged 16 years and over) rose across 2023, but dipped between November 2023 and January 2024
The employment rate (for those aged 16 to 64 years) stood at 75.0% in November 2023 to January 2024 and this is below estimates the previous year, but is one of the highest rates ever so still a positive picture
The unemployment rate (for those aged 16 years and over) settled at 3.9% November 2023 – January 2024 which is slightly higher than the previous year, but it is staying relatively stable quarter-on-quarter.
Overall unemployment levels have now returned to pre covid levels having risen distinctly during that period

Economic Inactivity and Claimant Count

The economic inactivity rate (for those aged 16 to 64 years) reached 21.8%, surpassing the estimates from a year ago and showing an increase in the latest quarter.
The UK Claimant Count for February 2024 rose by 16,800 on the month and 85,800 on the year, reaching 1.585 million.

Vacancies and Earnings

There were, according to statisca.com, approximately 908,000 vacancies in the UK for the 3 months up to February 2024. This is lower than the previous month, but is represents quite high levels of vacancies
Vacancies remain higher than pre pandemic levels
Annual growth in total earnings (including bonuses) across Great Britain was 5.6% in November 2023 to January 2024. Employees’ average regular earnings (excluding bonuses) saw a robust 6.1% growth.

The great resignation

The great resignation continues post covid with employees actively seeking roles that offer higher salaries and more attractive propositions whether that be work life balance or benefit/ work environment related

PWC has reported that 26% of UK employees plan to change roles this year

This means the competition for roles remains high, but employers are aware that they need to work to attract the best employees so if you can demonstrate with your CV and interview that you are one of the best the offers are worth it.

Higher numbers of people resigning isn’t all bad news as it means those roles will become vacant so there is opportunity for movement. The job market right now UK is not a stagnant place.

CV Righter is able to offer both CV Writing Services and Career Coaching including practical interview practice sessions.

Recruitment Trends for 2024

Expect higher levels of automation and the use of online recruitment tools

Recruiters are becoming increasingly proactive; searching out the best candidates on behalf of clients rather than reactively waiting for candidates to come to them so the power of the Linked In Profile has never been higher. Think of this as your shop window for the recruiter…

Chat bots are increasingly being used to screen applicants so ensuring that your answers are ne can understand nuance way more than an AI chatbot so facts and concise, clear communication will be key

In summary for explaining what is the job market like right now UK; it is a mixed bag. There is opportunity out there and there is still a lot of movement in the market meaning roles are available, but competition is high. Online recruitment tools and automation of initial recruitment processes is increasingly being utilised so it is important that your CV and interview prep is focused on the key skills that the employer is looking for. Additionally recruiters are out there actively searching for the best people so get that Linked In shop window looking great.