The latest job market data from job site CV-Library reveals a surprise development: in the face of acute Brexit uncertainties last month, job vacancies continued to grow.
In Q2 2016, job vacancies grew by 11.3 per cent on the same period last year, while applications from candidates swelled by an even more impressive 13.2 per cent.
CV-Library’s founder and MD, Lee Biggins, observed that many had been quick to express concerns about how the Brexit result at the referendum would hit the UK economy. But, he added, “the reality is that it’s far too early to speculate.”
He went on: “There may yet be turbulent times ahead for the UK as we navigate our withdrawal from the EU, however, it’s certainly not all doom and gloom. The nation should be confident in the fact that salaries are still growing, job-hunters are still active and that businesses are continuing to invest in job creation and solidifying their workforces.”
The data reveals that the increase in vacancies was not confined to any one specific area but was distributed across a number of regions and key sectors. Liverpool, for example, saw vacancies rise by 21.8 per cent year-on-year, while Cardiff recorded an impressive 15.8 per cent year-on-year rise.
Among the sectors hiring most actively, Arts and Graphic Design emerged at the top of the hiring league table with a rise of 56.8 per cent. Leisure & Tourism took second place with an increase of 51 per cent.
The data is in line with new figures from Morgan McKinley, whose latest London Employment Monitor also recorded a surprise month-on-month uptick in permanent and contracting vacancies of 18 per cent during June despite Brexit concerns.
Of particular interest to contracting Umbrella Company Employees is the rise in contract opportunities.
For example, Hakan Enver, operations director at Morgan McKinley Financial Services, drew attention to the increasing reliance that financial services are placing on contracting consultants with regulatory expertise. Noting the uncertain implications for regulation following the Brexit vote, he said: “Expect to see more contract work in the interim until the regulatory climate settles.”
Meanwhile, in preparing to manage the Brexit transition for recruiters, the Recruitment and Employment Confederation (REC) last week noted that some impact on permanent placements was expected in the short term, but the outlook was positive for temporary and contract hiring.
REC’s Director of Policy and Professional Services, Tom Hadley, stated: “This fits with our latest data from Report on Jobs which received significant media coverage last week and gave us the opportunity to underline the importance of a vibrant temp and contract market in times of uncertainty in the national media.”