Why now might be a good time to apply for a new job or pay rise
Competition for new jobs is the lowest it's been in five years. Here's how to take advantage by moving to a new role or negotiating a pay rise.
COMPETITION for jobs in the UK is at an historic low, meaning there's never been a better time to move companies.
New data from Adzuna, shows that in June 2018 there were 439,029 job hunters compared with 1.14m advertised roles.
This has brought competition for jobs to a five-year low, with just 0.38 job seekers for each job advertised. Back in 2013 there 2.1 people looking for every job advertised.
Time to think about a move
For anyone who's unhappy in their current role, this could be the perfect time to start looking for something better.
Georgina Rodriguez, HR Manager at www.swiftwhite.co.uk said: "It certainly is a good time to be actively thinking of whether there is a better role out there. The number of jobs being advertised is at a lower figure, but with the number of applicants dropping, there is a distinct lack of competition."
Saira Demmer, UK CEO of added: “Low competition for jobs means that many businesses are being starved of the new talent they need to keep growing and developing. So not only are the odds of landing the perfect job higher due to fewer candidates putting themselves forward, but the opportunities for career development in these companies is much better too.
"New employees bring insights and best practices with them that they have picked up in their previous companies and this intelligence is valuable to any business. By being the person who brought in a new idea, new set of skills or even just asked the questions that no-one has asked in a while, they can often accelerate their careers more quickly than those who do not have fresh perspectives to bring. These dynamics make this an ideal time for the ambitious jobseeker to find their next challenge.”
Anyone thinking about making a move should first make sure their C.V. is up to scratch. Specifically, anyone hunting for a new job should:
- Make sure they have updated their CV to remove old highlights, which are less relevant
- Cut C.V.s to make sure they are no longer than 2 pages
- Attend industry events in their area
- Make sure you've read a job description carefully and tailored your application accordingly
- Pull out keywords from the job description and make sure they're included in your C.V.
- Get a friend or family member to proof read your application
You should also research the role carefully and make sure your cover letter explains why you think you'll be a good fit for the role.
How to internally negotiate
Even if you're happy in your current role, a vibrant market means it's a good time to negotiate.
One thing to think about is asking for a pay rise.
How to ask for a pay rise
HR manager Rodriguez's top tips for negotiating a pay rise
- Be upfront and honest with your manager and explain your situation in a private meeting.
- Research beforehand what people within your job role are paid in your local area and bring these in to demonstrate to your manager
- Highlight some key success points you have had over the past 12 months that have helped the company to achieve its objectives.
- Be prepared to look elsewhere if a pay rise isn’t offered outright.
Most companies will look to avoid offering pay increases where possible, therefore sometimes you are better off finding a potential new job elsewhere.
If you explain this to your manager once it is confirmed, they will often offer you a counter-offer to stay, which should see your wages increase quite significantly
But you might also want to consider elements other than pay.
, a staffing platform that uses AI and Machine Learning to match jobseekers with work opportunities, has found that more and more people are negotiating on things like flexible working or other benefits.
Founder and CEO, Tom Pickersgill, suggests that this might be more successful and make you happier over all.
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He says: “Now is the perfect time for employees to think about renegotiating their position or even moving jobs. However, they should think outside the box and consider all their options, not just the financial ones. Ask yourself, is it a one-off salary increase that will drive you into the office every day, or that you can work your hours around your lifestyle?
“Do your research; see what the innovators in your industry are offering their employees and ask yourself where you’d rather work and why. Build a case for renegotiation, with a vision in your mind for your future, and call a meeting.”
The best places to hunt for a job
How much competition you'll face when applying for a new role, varies depending on where in the country you are. Cambridge, Warrington and Oxford has the lowest number of job seekers per role advertised, while Sunderland, Hull and Bradford has the most.
But competition isn't everything, so it's also worth looking at where salaries have grown the most.
Northern Ireland came out top for wage growth, with advertised salaries rising 14.8 per cent year-on-year. London (5.2 per cent) and the South West region (4.9 per cent) came in second and third place respectively.
Although every area of the UK saw positive salary increases in June 2018, some regions experienced far smaller growth. Eastern England (1.2 per cent), Yorkshire and the Humber (1.6 per cent) and Scotland (1.8 per cent) all saw the smallest salary gains.
Fancy a career change
Adzura's data also investigated which industries had performed the best in terms of wage growth.
Graduates fared poorly, with pay rates dropping by 12.7 per cent. While admin jobs showed the most growth with a salary increase of 24.4 per cent.
The best jobs for wage growth
The worst jobs for wage growth
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