Candidates Regain Control as Job Market Shifts

Data Suggests Job Market is Shifting Back to Candidate Control

The latest data by jobs board, CV Library, suggests candidates have regained control of the job market.

The board reports that the number of applicants has dropped nine per cent each quarter and 16.2% year-on-year.

This research is from their quarterly Job Market report which analyses the previous year and quarter, particularly important data as the UK economy looks to recover.

Despite three UK lockdowns due to COVID-19, positively job postings are on the up by 18.1% quarter-on-quarter as businesses begin to hire again, but the number of applications has only increased by 7.5%.

Which the jobs board suggests are signs of the job market naturally shifting into candidate control.

Further analysis shows the number of job applications had dropped by a substantial 17.9% year-on-year, while postings only 2.2% in Q1.

With salaries also dropping by a significant 6.9% each year.

Lee Biggins, the CEO and Founder of CV-Library, said: “As a result of COVID-19, not only has the influx of candidates increased competition for top roles, [but] it’s also made it harder to negotiate for a higher salary or better benefits.

“However, the latest quarterly data suggests that the tables are turning as fewer applications per vacancy mean candidates have more power.

“While salaries have dropped over the last 12 months, candidates will be glad to hear that this period is coming to an end.

“As competition for top roles ebbs, job seekers should feel confident to negotiate for the salary package they actually want.

“What’s more, it’s vital that businesses work with candidates to find common ground when it comes to negotiating wages.

“If not, they’ll struggle to secure the best talent and may find it difficult to stay one step ahead of their competitors over the coming months.”