Where Have All The Job-Seekers Gone?
If you are experiencing difficulties in finding new staff, you are not alone. There are several surveys which show a variety of reasons, one of the over-arching factors is the reduction in the number of people actively seeking a job.
In the UK, the total number of vacancies now exceeds the number of unemployed people for the first time since records began,
according to the Office for National Statistics. In Britain, the workforce has been reduced by about a million more than it would have been, had previous trends continued. However, that trend has been severely disrupted by at least two major forces.
Firstly the pandemic, with estimates of a loss of some 440,000 workers since the end of 2019, according to the Bank of England. Secondly, Brexit, it is now recognised, has resulted in a major reduction of European Union migrants. Thirdly, is the health impact of Covid-19. According to the Office for National Statistics, some 320,000 people have been diagnosed with long Covid-19 in the UK.
But the picture is further muddied by the lack of information as to how many of these are no longer working, for whatever reason.
Even the Bank of England seems confused at the current trend. As Andrew Bailey, Governor recently said: “I have to be honest: we don’t know much really about what is behind it, we have not seen something like this happen before.”
The Graham Agency, keeping you informed.