As expected, the current pandemic has had a significant impact within the world of work, however, this hasn’t all been negative.
Broadbean Technology revealed that the number of applications per vacancy had increased 34% for temporary and 25% for contract positions when compared to the same time last year.
In contrast, the number of candidates applying for permanent roles was down 5% year-on-year, with Broadbean Technology believing that this is perhaps indicative of the current sentiment of the UK workforce – with people reluctant to change jobs during the on-going uncertainty and instead choosing to remain with their current employer until the dust settles.
The findings also show that despite vacancies dipping by 11% across the UK during the last week of May, opportunities for internships increased as employers look to future proof their businesses.
According to the data, internship and graduate opportunities saw a 30% increase ahead of the summer season. This is indicative of more employers implementing virtual internships to combat lockdown restrictions, with firms across financial services – including Credit Suisse, Deutsche, Goldman Sachs, JPMorgan, Morgan Stanley and UBS – announcing the launch of online schemes.
Alex Fourlis, Managing Director at Broadbean Technology, commented, “Despite the on-going economic crisis, it’s encouraging to see businesses still investing in future talent through virtual internships as it will be these individuals who will help companies succeed in the future when the impact of Covid-19 has lessened.
“The most interesting revelation in my view, is the uptick in applications for contract and temporary roles in comparison to those applying for permanent positions. We certainly didn’t expect to see a drop in people seeking permanent employment during the current crisis. With fewer permanent jobs being advertised, we’d usually see an uptick in the number of applications per role as less options are available for jobseekers.
“This suggests that the furlough scheme is providing some sense of security for employees across the UK, with many perhaps reluctant to risk a career change at this time. It could also be the case that the good weather and number of bank holidays in May led to fewer people applying for new roles, as these factors can often influence jobseekers.”
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