More than an year passed since the coronavirus pandemic has started. Staff was furloughed or made redundant, the lockdown came into place. Then the vaccines appeared and now the economy is slowly starting to re-open. But what are the labour market trends now? And what does it mean for you?
Labour market overview
Slowly but surely, the fall in job openings is slowing down. According to ONS, the number of vacancies between December 2020 and February 2021 was 26.8% lower, compared to the same period in the previous year. This looks depressing, but during the summer of 2020, the vacancies were down by nearly 60%! Taking into account that the lockdown was relaxed in that time, the overall situation has improved.
Average weekly earnings
Most of the people affected were the ones in the low-skilled jobs, that couldn’t work from home. Many of them were made redundant and this lead to an increase of the average weekly earnings. Although very few people actually saw a growth in their income, the average total pay for the UK increased by 4.5%, according to ONS.
What areas will be in the highest demand?
The white collar jobs will remain in demand, because the work can carry on from home. An increase in demand will be in the areas of risk & compliance and IT support. Why? Because many companies move their processes online and this includes lots of technical issues that can appear.
What to do next?
This depends on your situation at the moment. If you are working in a low-skilled job, but have experience from abroad into a white collar job, make your CV and start applying for a better work. It will protect you against any future lockdown, the environment will improve, your work will be easier and the pay better. Now it’s your chance, take it!
If all your experience and studies are in blue-collar job, you can start studying and gaining those extra skills necessary to get promoted in the future.