The latest Office for National Statistics (ONS) data reveals that the number of UK job vacancies in June to August 2022 dropped by 34,000 from the previous quarter.
This is the largest quarterly fall since June to August 2020.
Leading background screening and identity services firm, Sterling has stressed that firms must not get complacent in their hiring efforts.
“The job creation boom is fizzling fast. The number of job vacancies has now fallen for two months in a row as many employers rethink their hiring plans…And who can blame them – with GDP growth slowing to a crawl in July and rising interest rates sucking money out of the economy, Britain’s recessionary clouds are getting darker, and fast,” warns Co-Founder and CCO of the tech recruitment platform CodinGame, Aude Barral.
Job vacancies and demand for talent
According to the firm, while vacancies are on a downwards trajectory, demand for talent remains rife, with the jobs market still very much in the candidate’s favour.
While skills remain in short supply, firms hoping to secure top talent should avoid cutting corners, with data from Sterling strongly suggesting that neglecting screening methods can be damaging to long-term hiring.
The firm’s latest research report ‘Hiring Reimagined’, revealed that 22 percent of job applicants considered dropping out due to issues with the background screening process.
While performing correct and thorough screening methods on candidates is mandatory in most roles, recent news of Jon Andrewes, a former NHS chief executive, who was jailed after lying about his PhD and previous experience suggests that basic screening requirements may be getting overlooked.
Steve Smith, President International at Sterling, comments:
“It’s crucial that we do not lose sight of the basics when it comes to employment screening regardless of the hiring trends across the UK. As we have seen from recent news, the implication poor screening can have on businesses is significant.
“In fact, the Supreme Court recently ruled that one particular CV fraudster must pay back at least part of their wages having been caught falsifying qualifications and experience to their employer. While this may target those caught committing the act, it is also extremely detrimental to the employer. With the skills gap continuing to widen and competition for talent increasing, now is definitely not the time to risk damaging your employer brand through incomplete or inefficient hiring processes.
“Making the switch to Digital Identity will be a critical component towards speeding up the screening process and making it simpler for all parties. It’s essential that firms familiarise themselves with digital Right to Work checks, especially as from October 1st, all UK businesses are advised to use government certified Identity Service Providers (IDSPs) to complete digital Right to Work checks.”
Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.
