Current job market trends

Everything is constantly changing and at a rapid pace. With the increasing cost of living, an upcoming recession and the fact that many industries are still recovering from Covid, many of us are feeling the pressure and dreading the winter. Some people are even starting to take second jobs to cover increasing costs or looking to unretire.

Everyone’s circumstances are different, and they will dictate how you act over the next few months of uncertainty, moving into 2023. With that in mind, here are the top trends in the UK job market in October 2022, to help you start thinking about what your best move will be.

Still a candidate’s market

There are a total of 1.45 million open job vacancies in the UK right now, so there is still opportunity out there. Unemployment figures are also at their lowest since 1976.

For the moment, over 70% of employers are expected to keep actively hiring until the end of the year. The number of new vacancies, however, is falling. This is because businesses are looking at what lies ahead and reining in spending to ensure they are protected.

It’s going to be a candidate’s market for a bit longer. Employers are going to have to keep working hard to attract the best and brightest talent to their teams. This is especially important in a time of economic downturn, to ensure that their business makes it through.

Cost of living changes

The controversial mini-budget, now almost fully overturned,  has made huge ripples across the labour market, with over half of a recent survey’s respondents saying that they are actively seeking a higher-paid role to help manage increasing mortgage costs. 68% of respondents also said they were concerned about their job security.

Ultimately, this will lead to many more people moving into new positions before the end of the year. Rising inflation and interest rates mean that pay packets won’t stretch as far as they once did. Employers will need to continue to innovate and offer other benefits that help offset the pinch that their employees will be feeling to attract and retain staff.

For example, the opportunity to work remotely rather than absorbing travel costs to get to an office could be appealing. Alternatively, a travel stipend could help employees get to your premises and reduce their energy bills at home.

Fake job adverts

Unfortunately, according to this article from Forbes, some companies are currently publishing fake vacancies online. This can be for several reasons. A big one will be to give the impression that they are weathering the economic storm, while others are making cuts.

It could also be that they want to fill the role in the future and desire a shortlist of candidates in advance for when that time comes. Our advice is to use your best judgement when reviewing job descriptions. Does the description seem too good to be true in the current circumstances? If a company is proving extremely difficult to contact or isn’t actively reaching out to you, it is probably best to move on with your search.

Proactivity is vital

It is inevitable that with a recession comes the potential for layoffs across industries. If you feel like your job might be at risk, then the best thing to do is start planning.

Avoid a potentially tricky situation by taking the time to review your CV, cover letter and LinkedIn profile now. When was the last time you updated each one, and how well do they fit the kind of role you might be looking for?

If you choose to just wait and react in the moment if you find yourself out of work, it could be tricky to get a new job immediately. The more prepared you are, the more ready you will be for the future – no matter what circumstances come your way.

There is a lot of uncertainty on the horizon – not just within the job market, but around the world. With that in mind, it might not be the right time to make a risky decision regarding your future career prospects – especially if your current job is secure.

This does, however, depend on the kind of role and industry you are in, as there is still a lot of opportunity out there for candidates. Plus, if you are worried about cost-of-living increases, a new role might help to alleviate the pressures you are feeling.

*Emma Alkirwi is the Managing Director of the CV Guru which is the leading service provider of professionally written CVs, LinkedIn Profiles, cover letters in the UK and they also provide specialist consultancy services. If you want to know what’s working and what isn’t on your existing CV, then CV Guru’s free CV review service could be exactly what you need to prepare for the next step in your career journey. They will not only cover the strengths and weaknesses but will also give suggestions on where improvements could be made.

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