Secret ways to stay ahead of competitors
This may sound obvious, but when Governments update laws, this has a ripple effect into the job market. With some regulatory changes it is harder to ascertain what the exact change may be, with others it is more obvious. The UK leaving the single market is an obvious point of a regulatory change which had a clear and defined effect and is about the most extreme example one could think of. However, Governments are constantly updating laws, which has the potential to change the job market. Sometimes it results in surges and bubbles, and growth in sectors or skill types. Keeping an eye on regulatory changes impacting your sector therefore is a key way to stay one step ahead of the market.
As a case study therefore, the recently announced Data Protection Act 2023 has resulted in a surge of hiring, for data privacy lawyers, within corporations. As a result, over the last three months, this has become the number one skill in demand, for in-house legal counsel nationwide. As you can see from the chart, General commercial and advisory positions remain the leading areas, but once we look at specialist functions, Data Privacy leads the way, accounting for 8.4% of all in-house legal vacancies. It is noteworthy that in the first half of the year, Data Privacy accounted for only 6.5% of the legal in-house vacancies and was not the leading specialist function being recruited for.
However, this can just as easily apply across any job function or area. For example, if there is a change in insolvency law pending, look to see how hiring for insolvency specialists is likely to change. Another one, if there is a change to working conditions what will that mean then for workplace safety? Etc. And in truth, too often recruiters are reactive, when all they need to do is keep an eye on what the regulatory changes happening in their sector are, and start to ask clients questions about what it is going to mean for their pending recruitment. Before the vacancy has even been formally approved, you are working it. Alternatively, you can use vacancy analytics and create reporting to identify across all segments, changes in skills in demand, so when you start to see an area surge, you can start asking the questions to see what is changing and what it means therefore for the recruitment in your vertical going forward.
The vacancy analytics platform was launched 18 months ago and is the only solution to solely monitor company websites, where on top of that we actively de-duplicate reposted vacancies, meaning the reporting on the state of the market, is about as accurate as we can get. Our expert data team then check through all data before it is loaded into the analytics portal, so our data quality sits at 98%+. As a result we are working with many of the leading recruitment firms already with this portal. If you would like to find out more how, get in touch.
The data referenced above has been sourced from Vacancy Analytics, a cutting-edge Business Intelligence tool that tracks recruitment industry trends and identifies emerging hotspots. With 17 years of experience, we have a deep understanding of market activities in the UK and globally.
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