The latest quarterly data from the UK’s leading independent job board, CV-Library, reveals that the number of applications per vacancy dropped by 9% quarter-on-quarter and by 16.2% year-on-year, giving candidates more power during the hiring process.
The findings explore job market data from Q1 2021 (Jan – Mar) and compares this with the previous quarter (Q4 2020, Oct – Dec) and during the same period in 2020 (Q1 2020, Jan – Mar).
The analysis reveals that while the number of job postings is up by 18.1% quarter-on-quarter, the number of applications has only increased by 7.5%. In addition, when comparing the yearly figures, the number of job applications has dropped by a whopping 17.9% year-on-year, while job postings are only 2.2% lower than in Q1 2020.
Lee Biggins, CEO and founder of CV-Library comments: “As a result of COVID-19, not only has the influx of candidates increased competition for top roles, 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 means candidates have more power.”
Furthermore, the findings show that salaries have dropped by a significant 6.9% year-on-year.
Biggins continues: “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.”