The number of advertised job vacancies has overtaken the number of job seekers for the first time since the recession, according to the latest UK job market report by Adzuna.
In October, there were 887,771 job seekers compared to 936,596 advertised vacancies. That equals to 0.95 job seekers per vacancy. Advertised vacancies increased by 25.1 per cent year-on-year in October.
Furthermore, advertised salaries also increased in October. Advertised graduate salaries saw the largest increase of 15.7 per cent year-on-year to £26,438.
Andrew Hunter, co-founder of Adzuna, said: “The cautious green shoots of job market growth are now beginning to firmly take root as businesses revel in new-found economic confidence.
“The number of vacancies on offer is rapidly expanding, and UK vacancies crossed the one million mark in the last few days, which bodes well for vacancy levels in October.
“At the same time unemployment has fallen to below two million, its lowest level since 2008.”
However, this means that employers are struggling to find enough staff to meet their demand. According to Hays third annual Skills Index, organisations are fighting to find employees with the necessary skills and training.
The risks are high, the market is competitive and you are in a war for talent. Therefore, recruiters need to be more innovative in the way they attract the talent they need.