The study looks at job market data throughout May and compares this with figures from the previous month (April 2020) and year (May 2019), to build an understanding of how the UK labour market is really fairing right now.
The study also reveals that applications for jobs in the hospitality sector also fell by 29.3% month-on-month, as lockdown restrictions remained largely in place. Alongside this, when looking at year-on-year data, the findings show that job vacancies are 75.5% lower than a year ago, but applications to these roles are up 48.6% year-on-year.
The data also shows that competition for the hospitality jobs that are available right now is “intensifying”. Applications per vacancy has risen by 40.1% month-on-month with an average of 77 applications per vacancy in May 2020 compared with 55 in April 2020.
Lee Biggins, founder and CEO of CV-Library, said: “The hospitality industry will definitely be one of the worst hit by the coronavirus pandemic. And, while some establishments started to open their doors in May, it’s clear that lockdown is having a profound effect on employers.
“The wider market is starting to show signs of recovery, however there’s still a long way to go and we cannot expect figures to return to normal overnight. Especially when businesses are under a lot of financial pressure.”
He added: “The fact that there are less jobs being advertised than normal, and more professionals entering the job market, means competition for jobs is already beginning to intensify.
“This will put employers in a favourable position as the labour market continues to shift, but it’s important for companies across the industry to think seriously about their recruitment and retention efforts; especially when the furlough scheme does eventually come to an end.”