{"id":2125,"date":"2021-03-01T12:00:00","date_gmt":"2021-03-01T12:00:00","guid":{"rendered":"https:\/\/blogs.bath.ac.uk\/careers\/?p=2125"},"modified":"2025-10-22T15:15:15","modified_gmt":"2025-10-22T14:15:15","slug":"february-update-how-the-labour-market-is-faring","status":"publish","type":"post","link":"https:\/\/blogs.bath.ac.uk\/careers\/2021\/03\/01\/february-update-how-the-labour-market-is-faring\/","title":{"rendered":"February update: How the labour market is faring during lockdown three"},"content":{"rendered":"

At the start of\u00a0<\/span>February<\/span>\u00a0we gave an update on what we could look forward to in 2021 in terms of job\u00a0<\/a><\/span>opportunities<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n

We recently attended another excellent webinar hosted by Charlie Ball and Laura <\/span>Greaves\u00a0<\/span>from<\/span>\u00a0Prospects Luminate<\/a> who shared the latest updates on how the labour market is faring. While we\u2019re still in lockdown, with the vaccine rollout continuing and a roadmap announced \u2013 there is much to be positive about. So<\/span>,<\/span>\u00a0what does this mean for graduate jobs?<\/span>\u00a0<\/span><\/p>\n

What is happening right now<\/span>\u00a0<\/span><\/h2>\n

There are substantially fewer vacancies than there were last year.<\/span>\u00a0Vacancy rates are running at about 65-80% of normal.<\/span>\u00a0However<\/span>,<\/span>\u00a0comparing this quarter (November 2020 to January 2021) to the previous quarter, we are seeing an increase in vacancies.<\/span>\u00a0<\/span>The labour market<\/span>\u00a0<\/span>is slowly<\/span>\u00a0improving but not back to where they were before the pandemic.\u00a0<\/span>Most businesses are not confident that we will see a marked improvement\u00a0<\/span>before late Spring.<\/span>\u00a0<\/span><\/p>\n

The latest lockdown\u00a0<\/span>has<\/span>\u00a0impact<\/span>ed<\/span>\u00a0on vacancies but not as dramatically as at the start of the pandemic. The sectors and job opportunities that have been most affected by the pandemic have remained consistent since the first lockdown.\u00a0<\/span>Despite the lockdown, things are looking up.\u00a0<\/span>In fact, CIPD reported that 56% of employers are looking to recruit at the start of 2021.\u00a0<\/span>\u00a0<\/span><\/p>\n

Sectors like healthcare, finance and insurance, education and information and communication are\u00a0<\/span>continuing to hire\u00a0<\/span>as they have seen increase in demand or have been able to switch to remote working.\u00a0<\/span>The biggest improvements in job\u00a0postings\u00a0<\/span>\u00a0most\u00a0recently\u00a0<\/span>have been in construction, loading\/stocking, manufacturing, logistic support and security and public safety.\u00a0<\/span>\u00a0<\/span><\/p>\n

The impact on job opportunities is not consistent across the country. London has been the hardest hit of all regions \u2013 this is a trend seen across capital cities around the world.<\/span>\u00a0<\/span>However<\/span>\u00a0there\u00a0<\/span>is<\/span>\u00a0recent\u00a0<\/span>data<\/span>\u00a0that<\/span>\u00a0shows that the capital may be\u00a0<\/span>recovering<\/span>\u00a0and London is expected to come back strongly.<\/span>\u00a0Job postings are down most in the South East<\/span>\u00a0while t<\/span>he North East is closest to\u00a0<\/span>it\u2019s<\/span>\u00a0pre-pandemic\u00a0<\/span>figures<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n

What does this mean for your job search?\u00a0<\/span>\u00a0<\/span><\/h3>\n

If you find that there are few positions available in your preferred career pathway, or location make sure to be flexible in your career planning. How or where else can you use the skills that you have acquired from your degree, work or voluntary experiences these last few years? In addition, are you widening your horizons about what jobs and sectors are available to you with your degree? As we\u2019ll see in the next section, some level of remote working is likely here to stay which may mean you can consider a wider location range as you may not need to commute\u00a0<\/span>every day<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n

Remote working is<\/span>n\u2019t going away<\/span>\u00a0<\/span><\/h2>\n

Currently 37% of the workforce is working from home. However, if you break that down into sector then almost all of sectors like IT and professional and technical services are at home.\u00a0<\/span>There is a strong consensus that it is here to stay with many businesses now thinking about permanent changes to working patterns. Companies are planning to reduce office spaces by 30% on average. There is also appetite from the workforce for this too, with many workers reporting they would not want to go back to the office full-time.\u00a0<\/span>\u00a0<\/span><\/p>\n

This change to virtual working means that some skills will take on a new value to employers.\u00a0<\/span>Skills such as remote collaboration,\u00a0<\/span>time <\/span>management<\/span>\u00a0and<\/span>\u00a0<\/span>online\u00a0<\/span>communication<\/span>,<\/span>\u00a0<\/span>and<\/span>\u00a0an<\/span>\u00a0understanding of\u00a0<\/span>how virtual communication platforms work<\/span>,<\/span>\u00a0will be vital.<\/span> Depending on how the roadmap pans out, you may end up starting a job virtually full-time or when things return to normal, you might not be working at your workplace five days a week. <\/span>\u00a0<\/span><\/p>\n

Whether you are\u00a0<\/span>currently studying<\/span>\u00a0or on placement,\u00a0<\/span>you have probably\u00a0<\/span>acquired\u00a0<\/span>some of the skills that will be needed for this new environment<\/span>. Start thinking about how you<\/span>\u00a0can give evidence of them in applications and interviews.<\/span>\u00a0<\/span>Employer's attitudes to virtual working might also be something you want to research. Some companies have already made their stance on the subject clear, which might help inform whether they sound like somewhere you want to work. <\/span>\u00a0<\/span><\/p>\n

We have some blogs\u00a0<\/span>that cover thi<\/span>s topic\u00a0<\/span>in more detail:<\/span>\u00a0<\/span><\/p>\n