Independent jobs board, CV-Library suggests candidates have regained their power in the job market after the volume of applicants has dropped nine per cent each quarter and 16.2% year-on-year.
The research comes from their Q1 2021 Job Market analysis that compares results to the previous year and quarter.
Essential research that indicates how the job market may be recovering after a year of UK lockdowns due to COVID-19.
The data revealed that while job postings are going up by 18.1% quarter-on-quarter as businesses hire again, the number of applications has only increased by 7.5%, suggesting the job market may be making its way into candidate control again.
The research also revealed that the number of job applications had dropped by a massive 17.9% year-on-year, while postings only 2.2% in Q1.
The findings also found that salaries have also dropped by a significant 6.9% each year.
Lee Biggins, the CEO and Founder of CV-Library, said: “As a result of COVID-19, not only has the influx of candidates increased competition for top roles, [but] it’s also made it harder to negotiate for a higher salary or better benefits.
“However, the latest quarterly data suggests that the tables are turning as fewer applications per vacancy mean candidates have more power.
“While salaries have dropped over the last 12 months, candidates will be glad to hear that this period is coming to an end.
“As competition for top roles ebbs, job seekers should feel confident to negotiate for the salary package they actually want.
“What’s more, it’s vital that businesses work with candidates to find common ground when it comes to negotiating wages.
“If not, they’ll struggle to secure the best talent and may find it difficult to stay one step ahead of their competitors over the coming months.”
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