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Record number of vacancies puts London’s job seekers in the driving seat

By October 5, 2021October 7th, 2021Current Affairs, HR Research, HR Solutions, Top Tip

More than half of London’s workforce is actively looking for their next job, citing more flexibility and higher salary as the driving force behind them looking elsewhere. A survey commissioned by recruitment agency, Reed, reveals that 28 per cent of Londoners are open to new job opportunities, while 24 per cent are actively looking for new employment.

In addition to commissioning the survey, Reed has also revealed that May 2021 was the employment agency’s best month for posting vacancies since 2008. Furthermore, 28 July 2021 saw the number of job postings for the year exceed the total number of vacancies posted for the entirety of 2020.

Looking for new opportunities

It’s undoubtedly been a challenging 18 months for workers, but there’s finally movement again in the UK job market, with workers increasingly open to new opportunities. Six in ten London-based workers are currently making more speculative job applications than before the outbreak of the Covid-19 pandemic. Meanwhile, 45 per cent admit to staying in their present job longer than they had originally intended to, because of the pandemic.

Changes in the UK labour market

Job seekers are feeling more empowered than ever before, largely driven by the record number of vacancies and a strong desire from employers to recruit top talent. The key driving factors behind workers looking elsewhere is a higher salary for 41 per cent and greater flexibility for 21 per cent of London workers. A further 30 per cent are just interested to see what opportunities are currently available, leading to what is described as ‘The Great Resignation’ as businesses face the prospect of massive resignations.

Retaining top talent

For any London employers concerned about holding on to their best talent, the survey also explored what factors could encourage employees to stay in their current role. A higher salary was predictably top of the list, with 53 per cent indicating that they would stay put if offered a pay rise. However, 22 per cent of London workers are interested in flexible hours; 31 per cent desire more staff perks and benefits; 25 per cent would like to get more annual leave, and 21 per cent say that a promotion would encourage them to stay put.

For employers looking to fill vacancies, it’s the ideal environment to acquire top talent. But to do so will require an attractive package of benefits and not just a competitive salary. Flexible hours, remote working and opportunities for career progression continue to be priorities for London’s workers.

If you are expanding your team, or looking to fill vacancies, we offer a Fixed Fee Recruitment service to help you with your search for new talent. We have a fixed rate of £699.99 +VAT per recruitment campaign, regardless of job title or salary.

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