July job market update
Figures released by The ONS don’t make for a positive read when you take the UK job market as a whole; ‘early indicators for May 2020 suggest that the number of employees in the UK on payrolls is down over 600,000 compared with March 2020,’ and ‘the number of vacancies in May has fallen to a record low.’
However, stats being what they are, we need to look at the fact that these figures are for the UK population as a whole.
From Talenting’s perspective, taking a (cautious) look at the markets we operate in, working with leading technology-driven companies to provide them with the best STEM candidates, the story is slightly different.
Having recruited through the last three recessions, a clear pattern has formed with each successive downturn - businesses increasingly look to make data-driven decisions to either drive revenue or cut their costs.
No more so has this been the case than now. Data Analytics / Business Intelligence / Data Science / Decision Science is at the core of hard business decisions. Whilst this does not mean that jobs in this area are immune from economic hardship, if these functions in businesses can prove their value, then there is a strong argument for increasing the number of employees in these departments.
The market at the moment is largely doing what you would expect. Data Science roles are still available, albeit more at the experienced end of a career scale. With lockdown and people working remotely, many junior / trainee roles have been put on hold whilst companies look at how to best onboard people who in the ‘old-world’ would have worked closely with a mentor for their first year or so.
Although inherently Data Science can be used in any industry, and the skills are interchangeable across industries, I predict demand will remain strong across Financial Service, Insurance and Bio / Life Sciences. Some roles may come from retail and hospitality but cost pressures in these sectors are likely to preclude hiring, even if there could be a business benefit.
For more information on the latest vacancies that Talenting are handling, please visit www.careers.talentingcareers.co.uk