The CIPD's latest Labour Market Outlook makes bleak reading for job seekers. With redundancies on the rise, hiring intensions down and salary levels flatlining, are there any chinks of opportunity on the horizon?
Not surprisingly, bucking the trend are the healthcare and public administration sectors, who's net employment scores both rose significantly, as they continue to manage the pandemic frontline and public service delivery.
It's also great to read in the Guardian about some of the initiatives springing up in the graduate space. With graduate job openings falling by 77% since the beginning of the year, there are on average 100 graduates vying for each role. Charitable and volunteering initiatives such as upReach and Generation Help have set-up virtual internships and opportunities for graduates to develop their skills and connect with industry to open up future opportunities for what is being labelled 'Generation covid'.
The speed and agility of businesses to adjust to new vitual ways of working has accelerated some of the workforce change conversations that have been rumbling on for years - let's hope we can keep and develop the best of these and leave the rest behind ...... along with the pandemic.
Labour Market Outlook: Summer 2020 Reflecting the worsening economic situation due to the pandemic, around one in three organisations expect to cut jobs over the next three months as the proportion of employers looking to make redundancies increases this quarter. Hiring intentions are slowly beginning to rise, but remain well below levels seen in previous years. Employment confidence is at an all-time low for the survey: this quarter marks the lowest net employment balance on record when using current methods. Employers also intend to keep a tight handle on pay increases over the next 12 months, especially in the private sector. This pay slowdown may be an important factor in limiting large scale job cuts, as was the case in the last recession.