Vacancysoft Market Update: 2021, What Next?

Nov 19, 2021 | Webinar

As we approached the end of what has been a frenetic year 2021, with recruiters challenged in unique ways never seen before, the big question was: What next?

In this 20 minute presentation (recorded on Nov 18, 2021) we will give you a snapshot of the latest recruitment trends we are seeing emerging, both by regional area and across the key industries of the knowledge economy so you know how best to organise resources in your business.

James Chaplin, Vacancysoft CEO is presenting, where attendees had the opportunity to both network with each other, using the highly innovative REMO platform, and ask questions about the presentation directly, where after the main presentation, we will have plenty of time to respond to the issues you consider to be most important.

Download our Year in Review Magazine 2021 edition below!
In our annual magazine 2021 edition you will find a full review of the hiring activities across key sectors of the UK economy over the past year. The magazine covers trends seen in Britain’s tech, life sciences, law, finance, real estate and insurance industries.

Banking – UK Legal Labour Market Trends, April 2024

Banking – UK Legal Labour Market Trends, April 2024

The surge in vacancies for banking lawyers during Q1 2024, observed both in law firms and banks, reflects significant industry dynamics. 137 vacancies were posted within law firms, marking the highest total since Q3 2022. Extrapolating from Q1, 2024 is projected to see a 35% increase compared to the previous year. Similarly, there was a 17.7% increase in legal vacancies within banks compared to Q4 2023.

Medical Affairs – UK Life Sciences Labour Market Trends, April 2024

Medical Affairs – UK Life Sciences Labour Market Trends, April 2024

With the slump in the pharmaceutical sector set to continue, the long-awaited reforms to the MHRA have yet to materialise. As a result, drug approval in the UK lags behind the EU, further depressing the sector. 2023 seems to be the low point in that there has been an uptick in Q1 so far, and if this continues, it will increase by 9.1% this year compared to last. The recovery has been in London specifically, with volumes up 26.1% on last year.

Tax – UK Finance Labour Market Trends Report, April 2024

Tax – UK Finance Labour Market Trends Report, April 2024

The Government’s Spring 2024 budget has changed the shape of taxation in the UK for high net-worth individuals who are not UK-domiciled. The implications of this change are yet to be seen properly; therefore, when looking at the recruitment patterns, we are forecasting an increase in tax vacancies this year compared to last year’s 32% in London, and 46% regionally.

South West – UK Regional Labour Market Trends, April 2024

South West – UK Regional Labour Market Trends, April 2024

After the technical recession in 2023, which led to vacancies dropping in the region compared to 2022, we have seen a bounce back in Q1 so far, culminating in an uplift of 7.6% which compares favorably to the national figures (+5.4%.) As a result, the region now accounts for 6.7% of the national total in terms of vacancies, up from 5.8% in 2022.

Risk – Insurance, UK Labour Market Trends, April 2024

Risk – Insurance, UK Labour Market Trends, April 2024

Insurance companies face new risks due to economic volatility, higher interest rates, geopolitical uncertainty, and climate change. This has led to a rise in demand for risk professionals, with vacancies up by 11.4% in 2024 compared to last year. March 2024 had the highest number of risk vacancies in over a year, indicating a continuing trend.

Accounting & Finance – UK Finance Labour Market Trends Report, March 2024

Accounting & Finance – UK Finance Labour Market Trends Report, March 2024

When examining recruitment activity in the capital, the signs are positive. Indeed, there has been a 24.6% increase in recruitment within Commerce & Industry in 2024 compared to the monthly average of 2023, with increases in retail, media, and technology. In contrast, regional activity has yet to experience such an upturn, with aggregate vacancies down by 5.4% so far this year and Commerce & Industry experiencing a 5.7% drop specifically.

Tax – UK Legal Labour Market Trends, March 2024

Tax – UK Legal Labour Market Trends, March 2024

February saw Law firms post more vacancies for tax lawyers nationally than any other month over the prior two years. Furthermore, we expect a surge of 32.5% by the end of 2024. Factoring the regionalization happening within the sector, where the regions retain 80.5% of the national share, there has also been a noticeable shift in 2024 to date, with hiring in London on the rise.

Golden Triangle – UK Life Sciences Labour Market Trends, March 2024

Golden Triangle – UK Life Sciences Labour Market Trends, March 2024

According to the latest Life Sciences Labour Market Trends report by CPL and market data analysts Vacancysoft, key recruitment trends show that in 2022, there were over 4,100 new scientific vacancies published in the ‘Golden Triangle’ (Cambridge, London and Oxford). This translates to a slight decrease from 2021, when there were over 4,500 jobs, resulting in a year-on-year fall of 9.1%.

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