According to the latest report from the UK’s leading independent job board, CV-Library, London’s job market has been hit hard by the coronavirus outbreak, as job postings and applications dropped by 13.8% and 13.5% respectively in March, when comparing month-on-month data.
The study, which explores job market data from March 2020 and compares this with figures from February 2020 and the same period in 2019, also reveals that vacancies have dropped by 16.6% year-on-year, while applications have fallen by 10.7%. Interestingly, the amount of people registering their CVs online in London jumped up 3.2% year-on-year.
Lee Biggins, CEO and founder of CV-Library said, “It’s not surprising that the outbreak of COVID-19 has prevented businesses in London from moving forward with their hiring plans. With global supply chains disrupted and many organisations forced to close their doors in order to respect social distancing rules, companies have had to change the way they operate and adapt to this new normal. Sadly, this has involved placing existing employees on furlough and even making redundancies and many professionals are feeling the effects.
“The national unemployment rate is set to soar in April and there’s no doubt that this will be a really tricky time for job seekers across the city. However, it’s important to use this time to prepare for your job search. Make sure you keep your CV up to date and keep an eye out for opportunities on a regular basis. This isn’t forever and businesses will regain their confidence eventually.”
However, it’s not all bad news. While many industries are struggling, the data shows that job vacancies have increased in key sectors when looking at year-on-year figures. This includes roles in the public sector (up 103.7%), agriculture (up 98.7%), social care (up 17.9%), education (up 2.9%) and distribution (up 2.1%) industries.
Biggins continues: “The fact that some industries are still seeing job growth is great news for candidates in London. That said, many job seekers may still find it tough to find the right role for them and there may be increased competition for these jobs. In the current climate, it’s vital to think outside of the box when it comes to looking for a new role.
“If the industry you normally work in is struggling, be sure to identify your transferrable skills and look to find a role in a different sector that is still performing well. However, in order to be successful, it’s vital that you adapt your CV and cover letter to make sure it’s relevant for the industry and role you’re applying for.”