While nearly nine in ten UK professionals are considering moving jobs right now, according to CV-Library, many are doing nothing about bagging themselves a better paying job.
You want to earn more. (Who doesn’t?)
But the only way to get a significant pay rise is to move jobs.
However, that is risky – what if it doesn’t work out?
Also, there’s a lot of competition.
So even after all the hard work of looking around for a new role, you might be left disappointed.
And if your current boss finds out you are applying elsewhere… well, that might not reflect well on you.
It’s a paradox – a Catch 22 – with seemingly no escape.
We’re feeling trapped
So, while nearly nine in ten UK professionals are considering moving jobs right now, according to CV-Library, many are doing nothing about bagging themselves a better paying job.
Just under six in ten say they aren’t doing so because they believe the salaries on offer aren’t high enough. Although they might be wrong on that score (it’s often hard to find out what you could get paid, unless you apply and get an interview).
In addition, around three in ten are stuck where they are because they don’t feel confident enough to apply for a new role – with younger employees worried they don’t have enough experienced.
The pay paradox
Yet, those who are brave enough to take a risk and jump ship should reap the rewards.
Pay is on the up – by 3.4 per cent – on average for all UK employees. So, it’s great that most people are enjoying above inflation pay rises.
However, if you look for a new role you should be able to earn more.
Talent shortages mean that pay rises for new jobs are 5.8 per cent higher than a year ago with new recruits are seeing higher salary hikes than existing hires.
Much depends on where you live.
Certain UK cities are witnessing well above-average growth in pay for advertised roles.
Top cities for highest annual hikes in advertised salaries
- London – pay up by 16.1 per cent
- Hull – pay up by 15.8 per cent
- Edinburgh – pay up by 12.8 per cent
- Portsmouth – pay up by 10.7 per cent
- Nottingham – pay up by 9.5 per cent
Competition is hotting up
So, firms are so desperate for the right candidate they are having to up their advertised salaries significantly. That’s the good news.
The bad news is that everyone else is beginning to get the same message.
As a result the number of job applications is soaring in many cities according to CV-Library.
Biggest jump in job applications year-on-year
- Bristol 27.2 per cent
- Brighton 22.1 per cent
- Edinburgh 20 per cent
- Manchester 19.7 per cent
- London 19.6 per cent
Hiring is slipping
Brexit is taking its toll – with many firms adopting a wait-and-see approach. As a result, there has been a 3 per cent drop in the number of job vacancies year-on-year according to CV-Library.
The Recruitment and Employment Confederation (REC) UK Report on Jobs, produced with KMPG, has been tracking this trend.
The number of people placed into permanent job roles has fallen in four out of the past five months and the growth in vacancies hit an 80-month low in April (rising slightly in May – but still subdued).
Once again, much depends on where you live. The Midlands has been seeing permanent staff appointments decline while the North has seen them increase.
So what does this mean?
More candidates + less vacancies = tougher competition.
Time to be more Clooney
So how do you become the George Clooney of jobseekers – standing out above all those other candidates?
With competition for roles increasing, you need an escape plan:
- Avoid the scatter-gun approach: Applying for anything and everything is not going to land you a role worthy of your skills. Identify your ideal jobs and employers and then target them specifically – even if a job is not being advertised you can always make an approach. Let them know you want to join their team and believe you will be an ideal fit. You will then be first in mind when a vacancy arises.
- Network your way to a new job: Referrals, recommendations and introductions are now one of the most popular ways to find new recruits. It really is a case of “who you know” as well as “what you know”. So, boost your social profile (at sites like Procurious and LinkedIn), link to the right people and make sure you are visible.
- Get the right tailoring: I don’t mean the right suit (although looking the part is important). This is about tailoring every CV and cover to every role and employer. Make it appear that you are only applying for this one job … and this is one that you are not only uniquely qualified to do, but this is THE one you really want.
- Stand out from the crowd: There will be other candidates… so how do you make sure that you are the preferred one? Well, the first step is to get an interview. For that, your CV needs to stand out. Learn new skills (investing in your own success shows you are a go-getter), be more of a mover and shaker (post blogs, join networking groups, raise your profile) and be very specific in the wording you use on your CV (demonstrate every requirement of the job on your CV). You can also grab the attention of recruiters by including some big numbers (I raised sales by 20 per cent, worked on a £40m project etc).
- Do your research: Failure to find out about the employer, the work they do, their clients and their values, is one of the main reasons why candidates do not get the job. It’s easy. While you are at it, research yourself online (a bad social media profile can cost you a job).
- Believe in yourself: If you’ve ever missed out on a job offer to a less-qualified rival, you’ll know that getting hired is about being the perfect fit rather than having the perfect CV. Practice your interview techniques with friends and family – people work with people. So aim to come across as someone they’d like to work with.