Job market sees 119% increase in November applications, research finds

The latest autumn recruitment insights from Tribepad have revealed that November 2024 job applications rose by 119% year-on-year, with an average of 48.7 applicants for each vacancy.

This marked an increase of 286% in the number of applications per vacancy compared to November 2023.

Tribepad’s data highlighted that between September and November, 4,530,894 applications were processed, reflecting a 64% year-on-year rise.

Despite this surge in applications, Tribepad reported a 24% year-on-year drop in job postings from September to November, with just 165,320 roles advertised during this period.

November saw the sharpest decline, with postings falling 43% compared to the same month last year, likely influenced by increased National Insurance Contributions (NICs) and tightened budgets following the autumn Budget.

However, there was a seasonal boost in hiring, with postings in autumn 34% higher than in the summer months, driven largely by pre-Christmas recruitment in retail and hospitality.

The ONS has reported 28 consecutive months of declining vacancies.

Dean Sadler, CEO from Tribepad said: “The figures we’re seeing reflect a labour market in flux. Businesses are reducing their hiring activity in response to economic pressures and the recent budget, while job seekers are also responding to economic pressures – by seeking jobs.