Competition for jobs reaches five-year low

?Competition for available roles has fallen to 0.38 jobseekers per vacancy, according to data from jobsite Adzuna

The 0.38 number marks a five-year low, and suggests the most positive situation jobseekers have found themselves in since Adzuna’s records began in June 2012.

In June 2018 its index showed average advertised vacancies sitting at 1,141,773 – 5.1% lower than a year before. The report said there are some signs of change, however, with vacancy count growing month-on-month by 0.8%.

The data also found that average advertised UK salaries have grown year-on-year. This currently stands at £33,762, showing a 3.8% increase on this time last year. However, Adzuna cautioned that a small monthly salary decline (-0.5%) points to the possibility of salaries stagnating.

The sector that saw the biggest rise over the past year was administration, where pay increased an average of 24.5% to £27,714. At the other end of the scale, graduate roles saw the biggest fall, with advertised salaries declining 12.7% to £21,206.

Adzuna also ranked the best cities to find a job. Cambridge ranked highest with 0.06 jobseekers per vacancy. At the opposite end Sunderland had 3.22 jobseekers per vacancy.

Phil Coulter, EMEA head of technology at Korn Ferry, said that as competition for jobs decreases companies should review their retention strategies.

“Strong employment growth is certainly great news for companies and employees alike. However, now that companies are not fighting for employees it is time for employers to think about how best to keep their workforce happy,” he said.

“While some employees would pick monetary rewards over any other incentive, not all businesses are in the financial position to offer that. Despite this there are many other ways employers can meet and exceed the expectations of their staff in terms of awards."

He added that creating meaningful work is the best way to ensure a strong organisational culture.

“Mindless tasks and meaningless jobs are not only boring and demoralising; they also pull organisations and the economy down. But that’s where companies can step in and make a difference: developing a creative working environment, creating purpose in each and every job, and implementing better work/life balance schemes are just a few ways to do this."