Zarah ChoudharyThe 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.
“48.7 applications per job is a clear sign of a highly competitive market, making it critical for employers to rethink their recruitment strategies to manage this influx and identify the best candidates.
“But at the same time, efficiency must not sacrifice fairness – removing bias and offering equal opportunities is absolutely key.”
