There has been a lot of doom and gloom circulated in the press recently regarding the economy, but it looks like the clouds are parting, and sunshine might finally be streaming through.
That’s not only because it’s spring; the latest outlook is that the UK will avoid a recession and that the economy is holding up very well. That’s quite the turnaround, but what does it mean for those looking to change jobs or even return to work after an absence?
So is it a good time to change jobs?
The latest figures paint an interesting picture. The unemployment rate should be off-putting: currently, it stands at 3.7%, meaning that around 1.3 million people are unemployed. That’s a historical unemployment rate lower than any point since the 1970s. On the face of it, that would mean finding a new job would be difficult, but that’s not the whole story.
That’s because of the vast number of people who are unable or choose not to work. These people are categorised as “economically inactive”. The current economic inactivity rate is around 21%, equivalent to nearly 9 million people out of work. It’s no wonder that there are so many job vacancies around. The number of job vacancies in the UK reached a historic high of 1.3 million people in May 2022, and although that number has been slowly decreasing, it still stands at over 1.1 million.
That is excellent news for those considering a new job. Employers are desperate for new talent to fill the gaps in their workforce, and many are now looking to hire internationally or from more unusual candidate pools. At the moment, employees have all the power and must leverage it. There are many reasons to look for a new job, such as dissatisfaction, boredom, or a new challenge, but it’s fair to say the main reason is a higher wage, and finding a new job is the best way to achieve this. In fact, as wage inflation has been higher than incremental pay or salary reviews with current employers, starting salaries for a new role are still a far better way to increase earnings.
If you want to reinvigorate your career or even try something new, contact Plus One. Specialising in Sales, Procurement and Supply Chain, Marketing and Creative, Accountancy and Finance, and Business Support, we’re approachable recruiters here to help you. Put our award-winning service to the test by contacting us, or browse our current job vacancies and find your next career move today.