Job Market Report
June 2024
Provided by CV Screen
What’s happening to demand?
Information Technology
Demand
Candidate availability
Finance & Accountancy
Demand
Candidate availability
MarKETING
Demand
Candidate availability
COMMENTARY
We have seen a softening in the Jobs Market over the last 3 months (Q4 2023 to Q1 2024), with demand falling across all sectors (by an average of 4%). At the same time, there has been a large increase in the number of candidates actively looking for work.
Demand for IT Staff
The demand for candidates within the Tech sector continues to fall. The number of IT vacancies being advertised was at a historical high in Q1 2022, but has consistently dropped over the last couple of years.
Demand for Finance Staff
The number of job advertisements for Accountancy & Finance staff has fallen since the peak seen in Q3 2022.
Demand for Marketing Staff
The pandemic dramatically affected the marketing sector, with a dramatic fall in demand. It was also the sector to bounce back the quickest.
We have seen demand fall away quite dramatically since Q3 2022 as organisations cut back on their marketing teams.
Availability of Staff
The availability of staff is defined as the number of active candidates on the CV databases to which CV Screen subscribes.
Across all three of CV Screen’s sectors (IT, Finance and Marketing), we have seen an upsurge in the number of candidates looking for work as the UK fell into a mild recession.
Outlook
We anticipate a similar pattern of reduced demand for staff for the rest of 2024, with staff availability likely remaining fairly static.
The Job market has certainly cooled as the UK economy has slowed due to the increase in interest rates. This has seen wage inflation come under control as hiring has stalled and unemployment has risen.
We fully expect that the market will remain fairly flat until the General Election, and we do not expect that hiring levels will increase dramatically until interest rates begin to fall consistently.