Skills Shortage Continues
Friday, July 7, 2017
Whilst the continued fall in unemployment is one of the signs of economic strength, the consequent upward pressure on wages may lead to a burst of inflation that could trigger interest rate rises that spell trouble ahead.
However, job-seekers looking to change employer due to, for instance, career progression or relocation can go ahead in the sure and certain knowledge that their skills are likely to be in demand, whatever sector or location they are seeking.
At the end of 2016 there were 2.2 unemployed people for every job vacancy in the UK, which had declined from 5.5 per vacancy in 2011. This ratio has continued to decline and is forecast to be 1.1 by 2018. Whilst this is not an exact science, this figure continues to be a factor when recruiters are looking at their possible supply of candidates for your next role.
Even though this 'candidate market' will probably drive an increase in starting salaries, job applicants will also see increased competition for positions and will need to be at their best when presenting to prospective employers.
At the same time, Companies may need to move fast if their 'ideal candidate' is presented to them and be aware of the likelihood of a counter-offer from current or competing employers.
We should all be aware of the effect on 'inflation' as this scenario continues. Inflation not only increases prices but decreases the value of savings and can leave us all feeling somewhat 'deflated'!
From the recruiters point of view, Anne Jagger Recruitment advises candidates to keep their CV's updated and be ready when opportunities present themselves.
Employers have to be ready to move fast, provide good feedback and treat suitable applicants like the precious commodity they may well be!