The State of The Job Market May 2020

candidate, client, Accountacy...

I have been in finance recruitment since 1986 and during that time have seen a number of recessions, including the Great Recession of 2008. I have never seen a jobs market like this one in all that time and i fear that in the long term , Rishi Sunak's furlough scheme will contribute to making it worse.

Firstly, since all this started about 8 weeks ago, it is accurate to say that there have been hardly any roles around. Even when companies do want to recruit, they have the difficulty of onboarding people whilst socially distancing. It is hugely difficult to integrate someone into your company's culture and ensure they know what they are doing, if you can not sit with them for a few weeks. In addition, whilst people can interview by Zoom, Skype or whatever other on line platforms they can use, the reality is still that people would like to meet face to face at the final stage. 

I strongly believe that Rishi Sunak is not helping matters by extending his furlough scheme through to October. Many of the jobs he is protecting are now redundant. More of them will become redundant as companies run out of cash from paying their other expenses as the months go on. At some stage, the government will have to face what they are dreading and running scared from, namely mass unemployment caused by their policies regarding this virus, which is currently killing about 1 to 2% of those infected. I understand that their decisions are not easy and it is admirable to want to save jobs but if you shut the economy down, companies can not live off thin air and mass unemployment will be the result. At some stage, the government is going to have to decide whether the death rate justifies huge swathes of the population losing their jobs and becoming impoverished. Currently, it looks as if they think it is and a compliant public, which is still being paid agrees with them. I shall be very interested to see what the public think when the funds currently paying them, dry up.

Stay safe

Jeanette Robinson