Job Market Report - Applications down 19% in 2018, is this the Brexit effect? WEDNESDAY, 02 JANUARY 2019
Job Applications were down 19% in 2018 as the Jobs Market continues to tighten. Our analysis looked at all of our online advertising in 2018 and highlights that although there is continued high demand for staff, there is a shortage of available talent.
Job applications drop by 19% in 2018.
Average salaries up 1.4%
25% decrease in applications in Q4.
Our analysis shows that average salaries increased by 1.4% in 2018. This is less than the official figures reported by the Office for National Statistics which highlight that wages are growing at their fastest rate since 2008 (3.3% for the 3 months to October), there is no doubt that the trend is upward as employers realise that they have to increase salaries to attract and retain talent.
Application Rates Slowing
We received over 110,000 applications in 2018, which was a 19% decrease from 2017. Interestingly, quarter 4 saw a 25% drop in applications compared to the corresponding period in 2017. It is likely that this is due to the Economic uncertainty surrounding Brexit which is making candidates a little more cautious and the supply of candidates at such low levels.
There is always an upturn in January with the New Year, New Job bounce, however, we would still anticipate this will be less pronounced than usual. The likelihood is that some candidates will wait to see what Deal (if any) the Government manages to secure for the Country before moving roles and leaving themselves vulnerable if market conditions change.