In the UK, job opportunities are declining while applications for jobs have reached record levels.
Tribepad is a talent acquisition platform that major employers trust. The data released by Tribepad for autumn 2024 shows a 286 per cent increase year-over-year in the number of applications received in November. These figures reveal a rising level of competition between job seekers, as employers continue to restrict hiring due to economic constraints.
Tribepad processed over 4.5 millions applications between September and November of 2024. This represents a 64 per cent increase compared to last year’s same period. In November, the average number of applicants per vacancy was 48.7 – up by 119 percent from 2023. The use of AI and other technological advances may allow candidates to submit applications faster, explaining the dramatic rise in applications that employers have to manage.
The number of job advertisements has dropped significantly despite the increase in applications. Tribepad clients posted 165,320 jobs during the fall period, a decline of 24 percent compared to last year.
The decline in job postings and business challenges
The number of job advertisements continues to decrease, despite the increase in job applications. Businesses are being cautious about hiring due to the ongoing economic pressures. This includes increased National Insurance contributions, and the fall budget of the Chancellor.
Only in November, the number of job advertisements fell by 43 per cent compared to 2023. Autumn recruitment saw a seasonal increase, with job ads up by 34% compared to quieter summer months. The increase in hiring was due to increased activity in the retail and hospitality sectors ahead of the holiday season. The Office for National Statistics reports that vacancies have been declining for 28 months in a row.
Dean Sadler, CEO of Tribepad said that the figures reflected a labor market in flux. The recent budget and economic pressures are forcing businesses to reduce their hiring, while job-seekers are responding by looking for work. The fact that 48.7 applicants apply for each job indicates a competitive market. Employers must rethink recruitment strategies in order to handle this demand and find the best candidates.
“Efficiency must not be sacrificed for fairness. Removing bias and providing equal opportunities are absolutely essential.”
