According to ONS figures reported by the BBC*, UK unemployment reached its lowest level since January 1975 in the three months to October. Total employment rose to 76.2%, bringing the number of people in work to 32.8 million. Pay is also increasing in real terms, although the rate of increase has slowed from 3.6% to 3.5% from July to September.
Tej Parikh, chief economist at the Institute of Directors, said: “The UK’s jobs boom continues to be a big plus point for the economy, but it is slowly losing momentum. Businesses have shown a strong appetite to take on staff in recent years. However, firms are now cutting back on new hires as it becomes harder to find the skills they need.”
This combination of low unemployment levels and a scarcity of in-demand skills for the remaining vacancies puts pressure on employers to build an employer brand that stands out in a crowded market and woos the workers they need from an ever-shrinking talent pool. The traditional post-and-pray method of job advertising has never been less fit for purpose, and smart recruiters are looking closely at their media channels and how each is performing, not just in terms of application volumes but also from the perspective of quality and cultural fit.
To find out how Creed Comms used employee demographics to help Vodafone target its ideal talent audience in their own homes, leading to a 34% uplift in quantity and a better quality of job applicant, read about the Sky AdSmart campaign we ran for them.
*The original news story can be found on the BBC News website at https://www.bbc.co.uk/news/business-50820280