What can You do for Your Job Security During the Cost of Living Crisis?

There is heightened anxiety amongst job seekers and working professionals as the risk of a recession grows. The good news? The job market is currently still strong.

The risk of recession grows, but what about the job market?

According to recent official data on the UK labour market, the number of full-time employees is at an all-time high, while the number of vacancies rose to a record 1.3 million. However, the data also highlighted some early signs that the current state of the job market could be set to turn, with hiring slowing and unemployment edging up.

The Office for National Statistics reported that the employment rate rose to 75.6% in the three months to April, up 0.2% on the quarter, a bigger rise than economists had anticipated. This was driven by full-time employment, as part-time work and self-employment remain below pre-pandemic levels.

Vacancies, remain at a record high once again, but saw a significant slowed growth rate compared to previous months. Unemployment rose in April, taking the jobless rate over 3.8% – a small increase from the 50-year low recorded a month earlier.

T2M's advice

Although the job market is still strong, the slowed rate of hiring and the small rise in short-term unemployment are early indicators that the labour market could be beginning to settle.

Major companies including Tesla are considering hiring freezes and cutting 10% of jobs because of the global economic downturn path that the world is currently approaching.

Our advice to current members of the workforce is that you should focus on what you can control during a recession. This can include things such as building your working relationships and network, continually developing your skills and showcasing added value to your organisation.

However, it is also important to be prepared for different scenarios. Revisiting your CV and keeping it up to date is also important, so that it’s ready to be sent off straight away if needed. This is important for people currently in work as well as those who are job-seeking.

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Are you looking for a new opportunity? T2M Resourcing has a range of vacancies covering Finance, Accounting, Technical, Engineering, Procurement, HR and other commercial roles.