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Wednesday, May 22, 2024

Report from CV Screen shows IT professionals are re-entering the job market due to the cost of living crisis

CV Screen, a leading specialist recruiter, recently released a detailed study tracking the number of IT professionals actively seeking employment across the leading job boards. According to their report, there has been a significant increase in the number of IT professionals returning to the jobs market since April, with 45% more candidates seeking new opportunities.

Matthew Iveson, Managing Director of CV Screen, commented on the findings, noting that the cost-of-living crisis is a major factor driving IT professionals back into the job market. Many candidates are highlighting the need for increased salaries to cover their rising living expenses.

In addition to the surge in candidates seeking new opportunities, there has been a reduction in the number of IT jobs being advertised online. The report shows a 17% decrease in vacancies compared to the peak seen in February 2022.

Iveson suggested that this correction in the job market could be a positive thing for the economy, as it will help to keep wage inflation in check. Earlier in 2022, candidates were frequently securing salary increases of 20% or more due to high demand and limited supply of IT talent. However, the current shift in the market suggests a more balanced dynamic between job seekers and employers.

Looking ahead to 2023, Iveson predicts a further increase in activity in the IT jobs market. As the economy falls into recession, more candidates are expected to enter the job market as companies struggle to raise wages. He anticipates that the “New Year, New Job” trend will be particularly apparent in 2023 as the cost-of-living crisis continues to impact candidates seeking to offset rising living costs with increased salaries.

Founded in 2000, CV Screen has an established track record of recruiting for over 1500 organizations and placing over 5,000 candidates with prestigious organizations such as Oxford University, The FA Premier League, RSPB, and KPMG. As a leading IT recruitment agency in the UK, CV Screen recruits across the country and prides itself on an honest and ethical approach to recruitment.

For more information about CV Screen Ltd. and their services, visit their website at https://www.cvscreen.co.uk/ or contact them at 0345 200 8170.

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