UK Market Demand – May 2015
UK demand remains strong, job lead time increases
Prospects for Australasian professionals in the United Kingdom job market continue to be healthy on the back of ongoing strong demand, although the length of time to secure a job spiked in May 2015.
Source: Global Career Link
Over the past 12 months, UK demand for Australasian professionals has remained consistently very strong with 89% accepted for interview by UK recruiters in Q2 2015, compared with 87% during the same quarter last year.
Demand for Australasian accountants remains especially strong with 90% accepted for interview in Q2 2015, the same as the record level set in Q2 of 2014. There has also been a growing level of demand for marketing communications, human resources and legal professionals; most noticeably the later with an interview acceptance rate of 79% in Q2 2015 being well above the average of 55% over the past six years.
Bernie Kelly, Managing Director of Global Career Link commented “As I’ve pointed out to people over the past couple of years, the strength in demand is nothing new and not something that I expect to see it change any time soon.”
The current level of demand for the skills of Australasian professionals in the UK is only partly explained by an improvement in the economy. Constraint of supply is the major factor for the following reasons:
- Once upon a time it was a rite of passage for young Australians and New Zealanders to head to the United Kingdom use it as a base to make some money and explore the world on their OE. In reality, we did not have much choice because not many other countries would have us. Now, opportunities and interest in working in other countries have increased
- There are less Australians and New Zealanders in the UK to go round. Half the number of Australasians go to the UK compared to before the Global Financial Crisis
- A reduction in the range of UK visa options has restricted the length of time that most Australasian professionals can stay. These days, two thirds of the Australasians that Global Career Link help find jobs in the UK have to leave after two years when their Tier 5 Youth Mobility visa expires
- The exchange rate is not what it once was. As a result, the gap between comparative incomes in Australasia and the United Kingdom has decreased, while at the same time the cost of travelling overseas from Australasia has also decreased
- Greater flexibility in employment terms offered by Australasian employers keen to retain staff has resulted in a greater willingness to offer extended leave to key staff interested in travelling overseas
- Growing ethnic diversity in Australia and New Zealand mean less young Australasians have direct family ties or emotional bonds with the United Kingdom
While demand has remained strong, and the length of time that it has taken to find a job remained fairly steady at around five weeks over the past couple of years,the time it took to find a job on arriving in the UK jumped to nearly six weeks in May 2015.
Bernie Kelly commented “The increase in Interview to Hired Leadtime is most likely a temporary spike due to a slowdown in job market activity caused by two long weekends and general election falling in May 2015, followed by mid-term break at the end of the month. Our expectation is seasonal trends will return to normal in June 2015.”
Source: Global Career Link
Given the current market conditions, range of opportunities, cross-section of employers and size of the market, Global Career Link continues to recommend the United Kingdom as the best job market for those who are eligible and have a choice between working in Australia, New Zealand and the United Kingdom.
PURPOSE OF INFORMATION
The UK Job Market Update is written for the benefit of Australian and New Zealand professionals interested in working in the United Kingdom. It is intended to provide a quick insight into the health of the UK job market from their perspective.
BASIS OF RESEARCH
Material contained in this document is based on the activity of jobseekers that Global Career Link has introduced to the United Kingdom job market between 1 January 2008 and 26 May 2015.