“The Chancellor’s commitments today will come as very welcome news for job seekers, and younger people in particular. While the UK labour market is starting to show signs of improvement, our data shows there are three times as many people applying to every role compared to this time last year, and people in the hardest hit industries are already turning to other sectors to find jobs.
“Covid is accelerating the pace of technological change and giving rise to new kinds of jobs. There needs to be a major reskilling commitment, particularly around digital skills, if we are going to help people find work. We’re facing the toughest labour market in a generation and LinkedIn is committed to getting the UK back to work and helping people gain skills for the future through our free learning resources.” Josh Graff, UK Country Manager, LInkedIn
New hiring data from LinkedIn
LinkedIn’s latest hiring data - based on its 28 million members in the UK - finds that the UK labour market is continuing to rebound, with hiring at -20%, compared to this time last year. Whilst the overall hiring rate is still negative, it is a significant improvement from the -49% registered in mid-May.
Virtually all industries have seen an improvement in hiring in the past two weeks (June 19 - July 1), with Corporate Services (19.9%) notably back in positive hiring growth. Media & Communications, Wellness & Fitness, and Software & IT Services have also seen the most marked improvements. Recreation & Travel continues to be the most adversely affected industry due to Covid-19 with hiring at -57.1%.
Job seeker behaviour
LinkedIn data also reveals that job applications are already three times higher compared to this time last year. People working in the sectors hardest hit by Covid-19 are looking to other industries to find work. The share of job applications in Recreation & Travel and Real Estate from people working in these industries are down 53% and 35% respectively compared to last year, due to fewer open roles in these sectors and comparatively more available in other industries.