Monthly Market Insights

Talent Market Insights – February 2021

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Written by fatraven

Summary:

The onset of Covid-19 brought about doom to the global economy and rendered 2020 hopeless; as a predecessor to 2019, 2020 has borne the worst economic slump. However, the last few months from Dec 2020 to February 2021 has shown sluggish signs as persistent restrictions and continued lockdowns have had aftermath on the labour market. Some industries have been more affected due to this impact notably the accommodation and food services industry as per ONS reports.

While the year began with a total number of 415,620 jobs despite the lockdown, the month of February sees a slight drop in the numbers with a total of 406, 920 jobs. There is tremendous pressure on every business enterprise to make things work financially as most of the sectors have gone through a huge loss during this period. Those that have survived this pandemic are seemingly lucky, as they still stand a chance of making a comeback as all hopes are pined on the latter half of 2021; with vaccines reaching out to people, individuals and businesses are hoping to make a comeback economically and stabilize with a ‘new normal’ by autumn this year.

Two of the sectors that have been majorly affected are the Accommodation and Food Services and Arts, Entertainment and Recreation industry; ONS reports for February 2021 states these sectors have seen a drop in vacancies by more than 70% in comparison to previous years.

Having said that, a total of 102, 872 companies have advertised for various job roles which is 8.10% more than the total number in January. A total of 4,054 recruiters have been identified across various staffing agencies and 220,177 job titles have been identified in the job market.

The overall trend looks promising as people and businesses are hoping that the autumn of 2021 will bring some relief to the pandemic-stricken globe for more revival to take place across sectors, given that people have access to the vaccine across the globe and relief is expected later this year.

The Talent Insight Report gives a comprehensive view of how post the pandemic, the multiple lockdowns have affected various industries and regions at a national level.

National Trend:

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  • The month of January showcases a total of 407K as against 416K jobs in 2021 January.
  • In comparison to 2020 February, it shows a 66.5% recovery on the onset of the first quarter of 2021 and it truly looks quite promising a start despite the odds.
  • In comparison to 2019 February, it reflects a recovery by 60% and it gives hopes to business to look forward for the market to recovery by the remaining 40% as the year progresses.

Regional Growth:

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  • With Britain’s exit from the EU, the Financial sector is surely going to have the cloak of uncertainty. The Financial market has entered a volatile market with professional vacancies falling dramatically across the largest firms in the last couple of months.
  • However, London the largest financial hub is giving every business owner some hope to pine on as it shows no slack and that at a point when there has been a series of setbacks is definitely a positive cue to pick up.
  • London maintains the status quo with 74,239 as a total number of jobs with a market share of 18.2%.
  • South West of England shows some recovery by 0.8% with a market share of 9.7% and 39,424 total number of jobs.
  • North East of England shows a 1.6% recovery with a market share of 2.8% and with 11,537 as its total number of jobs.

Regional Trend:

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  • North East of England shows the highest signs of recovery of 83%, with the Manufacturing and Services sectors both seeing a slightly improved consumer spending which has boosted activity in the region, as per the Lloyds Bank regional purchasing managers’ index.
  • East Midlands shows the second-highest signs of recovery with 77%. The region is a vital contributor to the Manufacturing and Supply Chain sectors and there are opportunities and this sector is pertinent in supporting the UK’s ‘levelling-up ambitions.
  • West Midlands shows a 73% of recovery while East of England shows a recovery of 75%.
  • London has recovered by 60% and shows positive signals to businesses as it has improved 6% more in comparison to January 2021.

Top Cities

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Lo! Behold! The ‘city of dreams’ and the ‘Square Mile’ has proven that it is not a region to be ignored or forgotten about.

  • London seems to be popping its head from the drowning waters showcasing a growth of 1.2%
  • Manchester and Leeds are closer to making a recovery as our data showcases them at a 3.1% and 6.5% decline which is the least on the
  • All the other cities are struggling to make a comeback as it has been tough days so far.

Top Sectors

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The pandemic has had a different impact on healthcare and the associated industries;

  • While some businesses are crying about irreparable damages caused to them, the Healthcare sector shows a total market share of 14.3% with a market decline of 10.5% surprisingly. This is some cue to pick
  • Leisure, Travel, and Hospitality has made an amazing comeback this season with a growth of 60.9% and tops the chart across all the other sectors.
  • The Education sector shows positive signs by 15.4% growth with a 3.5% of market share.

Top Industries:

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  • The new year has some surprising trends to grab eyeballs; the Education industry has shown the maximum growth by 118%. The landscape for this industry has drastically had a makeover overnight thanks to the pandemic.
  • The Media and Communication industry stands third in its growth by 23.9%.
  • We also see that the Aerospace and defence sector has seen a massive decline by about -57.1%.
  • There has been a huge boost in the Legal sector by 100%.

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