Filtering through the latest REC Report on Jobs and CIPD's Labour Market Outlook, it can be difficult to fathom what action, if any, you should take based on their findings. Overall, the conclusions drawn have been positive for both employers and job seekers, but how should you respond to the changing jobs market?
A key finding from REC's July Report on Jobs is the fact that the number of available vacancies has reached the highest figure in six years. This surge in availability largely stems from the increasing confidence of employers toward the jobs market. As they start to invest once again in sourcing talent for their companies, so the availability of permanent and contract placements rises. Unlike employers, employees and potential candidates remain ambivalent toward the positive turn the jobs market appears to be taking. Unsure of whether it will last into the long term, employees are sitting tight in their current roles, which has lead to a gap between the high demand for skilled workers and the availability of suitable candidates.
For Job Seekers...
In order to take advantage of the opportunities that are emerging, as a job seeker you should focus on continually developing your skills in order to stay ahead of the competition. In particular, specialist recruitment companies cited that there were major skills shortages in IT (.Net, Java, Business Analysts) and Finance (Accountants, Compliance, pay roll).
For Employers...
From an employer standpoint, you should not focus too much on sourcing new talent; retaining the best talent currently within your company should remain a top priority. It is inevitable that your employees will become more open to offers from other companies as confidence in the jobs market grows. Therefore, the development and implementation of a strong talent management strategy should be of key importance to your resourcing team over the coming months.
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