UK's 2023 Employment Market - What Does It Mean to Foreigner Job Seekers?

The UK's employment market has been one of the strongest in the world in recent years despite the challenges posed by the COVID-19 pandemic and other geopolitical issues. The unemployment rate has remained low, and the number of job vacancies has remained high. Although there are some signs that the market is starting to cool a little, with hiring slowing and wage growth plateauing, the overall market is pretty strong for both domestic and foreign job seekers.

Key Trends:

Employment rate: The UK's employment rate has been rising steadily in recent years, reaching a record high of 75.7% in April to June 2023. This is the highest employment rate since records began in 1971.

Unemployment rate: The UK's unemployment rate has been falling steadily in recent years, reaching a record low of 3.8% in April to June 2023. This is the lowest unemployment rate since 1974.

Vacancies: The number of job vacancies in the UK has been high in recent years, reaching a record high of 1.29 million in November to January 2023. Although the number of vacancies has started to fall in recent months, down to 989,000 in June to August 2023, the number of vacancies is still more than 20% higher than before the pandemic.

Wage growth: Annual growth in regular pay (excluding bonuses) was 7.8% in May to July 2023, the same as the previous 3-month period and is the highest regular annual growth rate since comparable records began in 2001. However, real wage growth (adjusted for inflation) is still negative, as inflation is currently running at 10.1%.

Regional trends: The strongest regions for employment growth in recent quarters have been London and the Southeast. The weakest regions for employment growth have been the Northeast and Yorkshire and the Humber.

Key Sectors:

The following are some of the key sectors driving employment growth in the UK:

Healthcare: The healthcare sector is the largest employer in the UK, with over 4.5 million people employed. Employment in the sector has grown rapidly in recent years due to an ageing population and increasing demand for healthcare services. You can apply for visa sponsored jobs in the healthcare sector in the UK here.

Professional, scientific and technical services: This sector includes a wide range of occupations, such as accountants, lawyers, engineers and scientists. Employment in the sector has grown steadily in recent years, reflecting the increasing importance of knowledge-based industries in the UK economy. You can apply for visa sponsored jobs in professional, scientific and technical services in the UK  here.

Education: The education sector employs over 2 million people in the UK. Employment in the sector has grown slowly in recent years but is expected to pick up in the coming years as the population grows. You can apply for visa sponsored jobs in the education sector in the UK sector here.

Challenges

The UK's employment market is facing a number of challenges, including:

The rising cost of living: The cost of living in the UK is rising rapidly due to factors such as high energy prices and food prices. This is putting pressure on household incomes and could lead to a decline in consumer spending.

Skills shortages: Many employers in the UK are reporting skills shortages, particularly in sectors such as healthcare, education and technology. This is making it difficult for employers to recruit and retain staff.

What international job seekers can do:

If you are an international job seeker in the UK, the current employment market cannot be better news. With a huge demand for skilled labour, there are lots of opportunities for foreigners with visa sponsorship. There are also a number of things you can do to improve your chances of finding employment:

• Apply - Try focusing on job applications. Having a big demand for labour does not mean that employers are not picky. You need to submit high-quality applications and apply for plenty of jobs before hearing back from employers. Apply for visa sponsored jobs here.
• Tailor your CV and cover letter - Be sure to highlight the skills and experience that are most relevant to the job you are applying for.
• Prepare for job interviews - Practice answering common interview questions and be prepared to talk about your skills and experience.
• Network - Networking is a great way to learn about job opportunities and meet potential employers. Attend industry events, connect with people on LinkedIn and reach out to your former colleagues and classmates who are already in the UK.
• Be flexible - Be open to different types of jobs and different locations. You can consider graduate jobs to restart your career or consider alternative industriew where your skills are still relevent.
• Explore different visa options: There are several different types of visa options for international job seekers, including Skilled Worker visa, Health and Care Worker visa, Global Talent visa etc. Understand for which visa options you might be more suitable.
• Attend our webinars: We have live and interactive webinars specifically tailored to the needs of international job seekers. We explain the UK recruitment process and provide you with valuable tips on how to create CVs and prepare for interviews and assessments.

In addition to the key trends and recent developments discussed above, there are a number of other factors that are worth considering when assessing the UK's employment market.

One factor is the changing nature of work. The rise of the gig economy and the increasing automation of tasks are having a significant impact on the job market. As a result, workers need to be adaptable and willing to learn new skills in order to stay ahead of the curve.

Another factor to consider is the impact of Brexit. Brexit has created uncertainty for businesses and workers alike. As a result, some businesses may be reluctant to hire new staff or expand their operations.

The government is also taking steps to address the challenges facing the UK's employment market. For example, the government is investing in skills training and apprenticeships. The government is also providing support to businesses that are hiring new staff by initiating new visa schemes.

Overall, the UK's employment market is still relatively strong, but there are some signs that the market is starting to cool. The future direction of the employment market will likely depend on a number of factors, including the performance of the economy, geopolitical situations, and government policy.