Number of jobs available in London plummets due to coronavirus
The number of jobs available in London during the second quarter plummeted as the coronavirus crisis took hold.
In April, there was a 72 per cent drop in the number of job vacancies with just a one per cent decrease in job seekers across the period, according to Morgan McKinley research.
By the end of the second quarter, the number of jobseekers climbed 19 per cent but also brought a 72 per cent increase in jobs available.
Hakan Enver, managing director of Morgan McKinley said: “Working from home had its benefits, with professionals more open to look for new opportunities. As the months passed, working from home became the norm and by June, the number of job vacancies available increased by 72%.”
“Businesses recognised that investing in talent continues to be a main driver for survival, recovery and future growth.”
Last week the Chancellor announced the launch of the Kickstart scheme which will see the government subsidise hundreds of thousands of new jobs for unemployed young Britons.
It is just one element of Rishi Sunak’s rescue package to help kickstart the economy again. The Bank of England’s Monetary Policy Committee kept interest rates at a low of 0.1 per cent, while the double whammy of Brexit issues and pandemic prompted an increase in quantitative easing by the end of June.
The job retention scheme, which sees the government pay 80 per cent of furloughed staff’s wages, was widely praised but as it pares back in the autumn there are concerns it will lead to mass unemployment.
Even those who are employed are facing difficulties during the coronavirus crisis. During the second quarter, the average change in salary of those moving from one job to another was 13 per cent.
The impact of the pandemic on productivity and sales has resulted in many firms cutting costs, which in turn resulted to a drop in average salary increases being offered to new staff.