According to the latest job market data from the UK’s leading independent job board, CV-Library reveals that job applications fell by 8.2% in August, despite the amount of jobs being advertised increasing by a steady 2.8% month-on-month.
The job board analysed data from its site throughout the month of August and compared the findings with data from August 2019 and July 2020, to build an understanding of how the UK job market is fairing right now.
Interestingly, it shows that job applications fell across the UK last month, with these key locations witnessing the largest drops:
- Cardiff (-15.4%)
- Sheffield (-14.7%)
- Newcastle (-10.3%)
- Leeds (-9.8%)
- Portsmouth (-8.8%)
- Nottingham (-8.3%)
- London (-8%)
- Bristol (-6.3%)
- Birmingham (-5.6%)
- Manchester (-3.5%)
What’s more, the data shows that the amount of jobs being advertised rose across major cities, including Glasgow (up 18%), Aberdeen (up 14.4%), Brighton (up 14.1%), Southampton (up 10.3%) and Bristol (up 9.3%). However, overall job figures are still down by a massive 42.2% year-on-year.
The data also reveals that salaries have dropped by 1.5% month-on-month. In fact, during August, wages dropped significantly in key industries, including manufacturing (down 6.4%), marketing (down 5.6%), retail (down 4.9%) and social care (down 4.8%).
Lee Biggins, founder and CEO of CV-Library comments, “It’s surprising that applications have dropped so significantly; especially given that the government’s Job Retention Scheme is coming to an end in a matter of weeks now. However, it’s important to remember that August is typically a slower month for hiring – even during a pandemic. It’s vital that employers don’t lose faith in the job market. While applications have dropped, businesses should continue with their hiring efforts throughout September, and we should see some improvement in the coming weeks.”
Despite experiencing a dip month-on-month, it’s worth noting that the number of applications is still significantly higher than last year; with applications growing by 8.1% since August 2019.
In fact, in terms of year-on-year growth, Brighton (up 41.6%), Southampton (up 31.4%) and Bristol (up 27.8%) witnessed the biggest rise in applications. The industries which saw the largest jump in applications year-on-year include education (up 49%), IT (up 35.2%), engineering (up 25.8%) and property (up 20.6%).
Biggins added, “Whatever people’s age or circumstance, September tends to come with a ‘back to school’ feeling, where many job seekers will refocus their efforts on finding a new role. If you’re hiring this month, you can expect to see application figures jump back up. However, as salaries have also dropped, you may find that you need to offer candidates a little more in order to pique their interest. While you may not be able to provide a higher wage, be sure to publicise any benefits or perks that your business can offer instead, such as flexible or remote working.”