2021 is a record hiring year

In the wake of a job market where vacancies reached record levels last year, the number of job advertisements has dropped significantly in November. A decade of increasing job vacancies - averaging 32,377 new professional positions per month - ended in November by dropping -9%.

Following the revelation that the HS2 Northern Powerhouse Rail would be downgraded, the data, revealed just before of the presentation of Robert Walters' 2022 UK Salary Guide, indicated that the largest decrease happened in the North (-14 percent).

BIOR Director, Azmat Mohammed, comments, “Considering how many sectors reopened following the lockdown, hiring slowed in November - where businesses conducted immediate staffing assessments based on people vacating or not returning. Also, COVID is more manageable over winter than in other countries - partly because lockdown measures were lifted earlier, and the vaccine program and boosters were launched in advance. The UK is unlikely to see a complete recruitment freeze that has occurred in other countries."

A shift in the Big 4

Vacancies in the accounting sector are back to 2019 levels, although this year's increase is primarily coming from outside the 'Big 4' companies. For example, in 2019 approximately 77% of all accountancy vacancies came from the Big4, however in 2021 (year to date), this dropped to 69%. Not surprisingly, the primary hotspot function within the sector has been tax, with vacancies 30% higher than in 2019 — as the Government continues to consider tax changes to help plug growing COVID and social care costs.

Growth in the North

Recruitment has shifted away from London to regions such as Manchester, Leeds, and Birmingham over the past year. 46% of vacancies in the sector were in London in 2019, compared to 39% in 2021.

Job openings for Financial Services positions have increased by +76% on average since 2020, and by +30% when compared with recent levels. Compared to last year, fewer executive management roles were advertised (-20%), instead being replaced by a rapid rise in short-term consultants (+395%).

Technology

The IT industry continues to resist the COVID trend, where despite the slowdown in a number of other sectors during lockdown, recruitment continued in this area unabated, with job growth on average of 100% since 2020 and 62% when compared to 2019. In terms of total vacancies over the past three years, October 2021 was a record month for vacancies across technology, media, and telecommunications companies. September, October, and November 2021 were all among the three best months of the year across those industries. When compared to 2019 levels, IT support (+105 percent), consultants (+92 percent), cybersecurity (+77 percent), development (+74 percent), infrastructure (+54 percent), and analytical (+43 percent) roles were all in great demand.

BIOR Director, Azmat Mohammed comments, “It is predicted next year's performance in the technology industry to exceed that of 2021. Fintech has become a significant area in which the UK”