As we mark the anniversary of the start of the first lockdown, WaveTrackR has published its annual report. Investigating the impacts Covid-19 has had on the job market and the recruitment industry, the data says it all. It was a year that tested the market like never before.
March 23rd 2021 marks a date that, a year ago, none of us would have thought we would be acknowledging – an entire year living under Covid-19-induced restrictions. As we continue to abide by the restrictions of our third lockdown, it is hard to believe that a year has passed since the UK entered its first lockdown. Never could any of us have predicted a year like 2020.
Measures that seemed shocking back in March 2020 are simply the norm now but the restrictions necessitated by Covid-19 have undeniably had disastrous effects on the economy and the job market. Entire industries have been forced to close several times as the government responded to fluctuations in cases, negotiating a balancing act between saving lives and livelihoods. It was a year that saw record redundancies, rising unemployment and catastrophic impacts on a number of industries. The way we work has been irrevocably changed, as well as the way we recruit. Brexit, too, has impacted the economy, from uncertainty causing a delay in hiring, to the hit to the economy that is likely to grow more apparent in 2021. The twin disruptions of Covid-19 and Brexit have been a perfect storm, only one of which was forecast.
As we forge ahead into 2021, the storm seems to be abating – the government has outlined the roadmap to easing lockdown, schools have reopened, the vaccination rollout is continuing at pace and the Budget has revealed that support for individuals and industries hit the hardest will not be pulled and will, in some areas, be increased. The OECD recently stated that the success of Britain’s vaccination programme and the ongoing support for jobs and businesses provided by Rishi Sunak in the Budget meant it was amending its predictions for UK growth from 4.2% to 5.1% this year, and from 4.1% to 4.7% in 2022.
Now seems to be the right time to look back at the year the world was turned upside down and assess the impact it has had on the job market as a whole, on recruitment, and on specific industries. For this is unlike any other financial crisis we have ever seen. Covid-19 has been unique not only in the way that it immediately shut down the economy but also in the way it has affected industries in vastly different ways. Some have been decimated, others have boomed.
To get a broader view as well as industry specific intel, WaveTrackR’s annual report focuses on uncovering recruitment industry insights from a year like no other. Forged from data taken from WaveTrackR’s in-built, real-time analytics, the report reveals industry trends and factors influencing jobs posted and applications received. Some trends are heavily pandemic influenced and may be short lived – the devastating negative growth in jobs over 2020 for Retail, for example – others represent permanent changes in behaviour and technology – IT & Internet posting the joint highest percentage of jobs across all industries – and others, such as the dominance of job boards as the posting platform of choice, remain unchanged year after year.
Why does it matter? Understanding key trends in your sector and the recruitment industry as a whole will help you make knowledgeable decisions about your recruitment strategy and increase your ROI when it comes to when, where and what to post. It will also help to establish your position as a thought leader in your industry and as a recruitment partner rather than just a talent supplier for your clients. To survive and grow in 2021 recruiters must be able to demonstrate their value add and knowledge is critical. Understanding what has shaped the industry you recruit for, what the landscape is like in the job market and what the future may look like is essential in order to know what your clients need now and to anticipate their hiring needs over the months to come. That is the power of data.
WaveTrackR is an intelligent multi-posting tool, data analytics platform and candidate management system. It will advise you when, where and what to post, boost your recruitment power online and increase your ROI.
