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As part of the ongoing work to anticipate our partners’ future workforce development needs, we review a variety of data including local labour market intelligence.  There are many sources, all with their own quirks and benefits but a commonly used barometer is the Lightcast data which analyses online job posting trends. For Buckinghamshire, the data is showing a fairly significant decline; 3,940 jobs posted in Bucks CC area in August 24, 4,033 in June 24 and 5,267 in Aug 23 or in other words a 25.2% drop in the past year.  Admittedly, not as bad as the national figure at 27.4% but certainly a sharp decline. 

At first glance, even with a decline in online job postings, over 4,000 listings reported by Lightcast can still seem substantial. However, it’s important to note that two-thirds of these postings are typically from recruitment agencies. Within this figure, multiple agencies often advertise the same role for the same client and whilst the Lightcast data uses an algorithm to aggregate and distil data, this can significantly inflate the apparent number of available positions. Candidates will often judge positions by their titles, much like judging a book by its cover. An eye-catching job title can make a significant difference in attracting candidates. Therefore, agencies frequently tweak titles and descriptions to maximize their appeal to the audience they are targeting. In reality, there could easily be around 10 different adverts for the exact same position. 

We asked Andy Vandenberg, Branch Manager at Pertemps Aylesbury for his expert take on the current labour market conditions,  

“During the peak of COVID, we saw the manufacturing sector soar beyond what anyone could imagine. They were classed as key workers, and the sector played a significant role in keeping the country moving. We are now in the middle of finding what the new normality is. Manufacturing has dropped, we are still working from home, our High Streets have moved online because we don’t use them anymore, and our Industrial Estates are being demolished. Combine this with a cost-of-living crisis, high mortgage rates, and a new government that continues to warn us about making ‘tough choices’ with a looming budget to follow, people are more hesitant to change roles than ever. When candidates do decide to leave their role, they must contend with job boards that can be very deceiving and require expert navigation.” 

So how can this data be interpreted to help support our employer-partner’s future workforce development needs?  Firstly, it’s indicating that reskilling may move further up the agenda; with employees’ length of service increasing, it may be time to look at knowledge and skills gap analysis to understand where to invest now to ensure future adaptability and enhanced productivity.  Secondly, it’s time to review coaching skills across the team; the great thing about established and maturing teams is that a wealth of tacit knowledge is built-up and sharing that across the organisation through peer coaching can lead to innovation, enrichment and improved interconnectivity.  Finally, it’s about building behaviours around organisational values; retaining an engaged workforce goes hand in hand with ensuring that the entire team is focussed on the same goals.