Read our latest job market update: September Job Market Update.

The UK job market has been through turbulent times recently, impacted by economic uncertainty, shifting market dynamics, and fluctuating employer confidence. However, there is finally a glimmer of optimism for job seekers, as recent reports indicate a positive turn for employment opportunities. Our job market update delves into the latest recruitment news, highlighting the growing number of vacancies and what this means for businesses and job hunters.

Highlights And Key Takeaways:

1. The UK job market experienced its first substantial rise in job vacancies in months.
2. The average time to fill a position has decreased slightly.
3. Our recruitment statistics can give you a competitive edge when  looking to attract top talent.

Quick Links:

• Job Vacancies On The Increase
• Recruitment News By Sector And Region
• Recruitment Statistics

Job Vacancies On The Increase

According to data from recruitment giant Reed, the UK job market experienced its first substantial rise in job vacancies in months, providing some much-needed relief for those seeking employment. In July 2024, the number of available job roles increased by 1.1%, bringing the total number of vacancies to 862,043. While this signals the beginning of recovery, it’s important to note that this figure remains 17.69% lower compared to the same period in 2023, reflecting the broader challenges still facing the employment landscape.

Place A Job Ad On Reed & 100 Job Boards

This uptick in vacancies can be attributed to a resurgence in business confidence, with many employers feeling more positive about the economic outlook. Improved economic conditions and signs of stability have encouraged companies to expand their workforce, albeit cautiously. Alongside the growth in job postings, there has been a slight rise in the average advertised salary, which now stands at £38,863. This could indicate that employers are beginning to offer more competitive packages to attract the best talent in a more crowded market.

Despite these positive developments, job seekers are demonstrating remarkable resilience in the face of significant competition. The number of job seekers per vacancy is now at its highest level since May 2021, suggesting that while more roles are becoming available, the market remains highly competitive. Furthermore, there has been a notable decline in salary transparency, with over half of job advertisements no longer including salary information. This trend could make it more challenging for candidates to evaluate job offers and negotiate salaries effectively. However, with the right strategies and determination, job seekers can navigate these challenges and find the right opportunities.

These figures represent a mixed picture—while the rise in vacancies is encouraging, job seekers should be prepared for the ongoing challenges and the need for strategic job hunting in a competitive environment. By staying informed about market trends and adopting a strategic approach, job seekers can increase their chances of finding the right opportunities.

Recruitment News By Sector And Region

The rise in job vacancies is common across all sectors and regions, with certain industries and locations driving the recovery more than others. In particular, sectors such as Domestic Help and Graduate roles have been pivotal in driving the overall increase in vacancies, signalling growth in areas essential to the UK’s labour market. On the other hand, sectors like Charity, Travel, and Healthcare have continued to struggle, with job vacancies declining further in these areas.

Interestingly, the average time to fill a position has decreased slightly, now at 35.6 days. This indicates that employers are moving more quickly to secure talent, especially in the Property, Teaching, and Legal sectors, where the speed of recruitment has been notably faster than in other industries. While these sectors are seeing rapid hiring, others are still battling sluggish demand, reflecting the uneven nature of the current recovery.

Download Job Descriptions

Regarding wages, there has been little movement overall, with salaries remaining largely stagnant across most industries. However, some exceptions have been observed, particularly in sectors like Charity and Travel, which have experienced significant month-on-month wage growth. This suggests that while these industries may still face challenges in job vacancies, they are making strides to offer more attractive compensation to lure skilled professionals. Conversely, the IT sector experienced the only annual salary decline, highlighting a potential shift in demand for tech roles or increased pressure on employers within this field to control costs.

Regionally, the West Midlands has emerged as the leader in salary growth, showing signs of economic resurgence in this area. In contrast, Northern Ireland continues to lag, with wages growing by only 1.08%. The disparity in regional salary growth reflects the varied pace of recovery across the UK, with some areas rebounding more quickly than others.

Warehouse work remains the most in-demand role, holding its position as the top job for 14 consecutive months. Cleaner and Sales Assistant roles also continue to see high demand, emphasising the importance of roles supporting everyday services in the UK economy. Although there are signs of cautious optimism in the job market, it’s clear that the recovery remains uneven, and jobseekers in certain industries and regions may face more hurdles than others in securing employment.

Recruitment Statistics

Understanding key recruitment statistics can provide a competitive edge for employers looking to attract top talent. Recent data offers insights into application trends, the most effective times to advertise, and which sectors draw the most interest from job seekers. Here’s what the numbers reveal.

On average, employers receive 10.7 applications per job advert on Reed. However, the highest influx of applications occurs on Tuesdays, specifically between 8 am and 11 am, when a staggering 98,296 applications are submitted. This data suggests that scheduling your job adverts early in the week during the peak window of 8 am to 11 am could significantly improve visibility and response rates.

Candidates are showing the most interest in roles within the following sectors:

• Admin – View all Admin job description examples
• IT & Telecoms – Access IT role descriptions
• Retail – Explore Retail job description samples
• Accounting – Find Accounting job description templates
• Transportation and Logistics – Download Transportation job descriptions
• Customer Services – Find Customer Services role examples
• Education – View Education job descriptions
• Marketing and PR – Browse Marketing and PR descriptions
• Engineering – View Engineering job descriptions
• Social Care – Explore Social Care job role examples

In terms of the most searched keywords, employers must include relevant terms in their job descriptions to maximise reach. The top searched keywords include:

1. Warehouse – Download a Warehouse job description
2. Remote
3. Administration – Download our Administrator role description
4. Finance – Download a Finance Assistant role example
5. Admin – Download an Admin job description
6. Customer Service – Download a Customer Service role description
7. Retail – Download A Retail Agent role example
8. Warehouse Operative – Download a Warehouse Operative job description
9. Marketing – Download a Marketing Assistant role description
10. Cleaner – Download a Cleaner role description
11. HR – Download our HR Representative role example
12. Data Analyst – Download a Data Analyst job description
13. Business Analyst – Download a Business Analyst job description
14. Administrator – Download an Administrator role description
15. Accountant – Download an Accountant role template
16. Project Manager – Download a Project Manager job example
17. Part-Time
18. Data Entry – Download a Data Entry Clerk job role template
19. Executive Assistant – Download an Executive Assistant job description
20. Sales – Download a Sales Executive job description example

To ensure your job adverts stand out, be sure to incorporate these high-demand keywords. You can take advantage of our free job advert review service, which helps you optimise your listings for relevant search terms and attract the right candidates.

Sector-Specific Competition

In sectors like Admin and IT, competition is fierce, with many candidates vying for relatively few job openings. Conversely, sectors such as Education and Transportation and Logistics need more candidates despite high vacancy rates, providing a golden opportunity for jobseekers in these fields.

Regional Application Trends

Regionally, London sees the highest volume of job applications, followed by the West Midlands, North West England, East Midlands, and Yorkshire and Humberside. These regions present a varied landscape for employers and candidates alike, with each offering unique opportunities based on sector and location.

Desired Salary Ranges

Salary expectations play a significant role in job market dynamics, and competition varies dramatically across different pay brackets. Here’s how candidates are distributed across salary ranges:

• £0 to £9,999 – Highly competitive
• £10,000 to £19,999 – Intense competition
• £20,000 to £29,999 – Balanced yet still competitive
• £30,000 to £39,999 – Better opportunities for jobseekers
• £40,000 to £49,999 – Balanced yet still competitive
• £50,000 to £59,999 – Increasing competition
• £60,000 to £69,999 – Balanced
• £70,000 to £99,999 – Strong competition
• £100,000 and above – Fierce competition

Understanding these trends as the job market evolves can help employers position their vacancies effectively and help job seekers navigate the competitive landscape.

Ready to optimise your recruitment process? Explore our comprehensive job description library for inspiration, and make sure your advert stands out using our free job advert review service. Advertise your role across over 100 top job boards, including Reed, for just £199 or less, and reach the right candidates today!