How hard is job hunting in the Autumn of 2023?
One question we are often asked by candidates is: how long will it take to find another job? And honestly there’s no simple answer. There are too many variables. From where you live and what you do to what sector you want to work in and the salary you want to earn. If you have a poor CV or are interview rusty, that will make your job search task harder.
The job search landscape in the autumn of 2023 appears to have several characteristics and challenges;
Senior Job Market Changes: The Senior job market has evolved over the past year to 18 months. There are fewer opportunities, and employers are taking longer to make hiring decisions. In the past, finding quality candidates was the primary challenge, but now finding suitable roles seems to be more difficult. Economic uncertainty has made organisations more cautious about major hiring decisions. Senior-level job seekers may experience longer job search times.
Mainstream Job Market: The total number of job vacancies in the UK has decreased by approximately 25% since the peak in the March to May quarter of 2022. While there are still many job opportunities, some sectors have seen a more significant decline in vacancies than others, with sectors like financial services, professional and scientific services, and information technology experiencing more noticeable drops. Thankfully, the Property and Construction industry remains buoyant.
Supply Side of Job Market: More people are looking to change jobs to keep up with the cost of living, and this has led to increased competition for available positions. However, skill shortages in various industries mean that job seekers may still have the advantage in terms of negotiating better compensation with potential employers.
Outlook for 2024: The job market outlook for 2024 remains uncertain. While skill shortages are expected to persist, there is no clear sign of an impending recession in 2023. Economists' views on a potential recession vary, with some suggesting it might be more likely to occur in 2024.
Impact of Technology: Employers are increasingly exploring alternatives to traditional hiring, such as technology and automation, to supplement their workforce. This shift in the job market's structure may affect the types of skills and knowledge that job seekers need to remain competitive.
In summary, the job search landscape in the autumn of 2023 appears to be characterised by changes in the senior and mainstream job markets, with increased competition and a need to adapt to evolving employer preferences, including the potential impact of automation. Job seekers are encouraged to stay informed about these trends, keep their skills current, and work with career coaches or mentors to enhance their job search strategies.