As the summer holidays approach and the General Election sees a Labour victory, many existing or would-be people contemplating new jobs (candidates) might be wondering if now is a good time to look for a new role. The socio-political landscape and economic conditions heavily influence job hunting, and this summer brings both opportunities and challenges for candidates. Let’s explore the pros and cons of job hunting this summer in the context of recent events.
The pros of job hunting in summer 2024
Anticipated economic boost:
With Labour’s sizeable win, there is a wave of optimism surrounding potential economic reforms. The new government is expected to implement policies aimed at stimulating the economy, including infrastructure projects and increased public spending. This could result in more job opportunities across various sectors as businesses gain confidence and begin to let up on the hiring freezes.
Lower interest rates
Many employers have paused hiring, waiting for a drop in interest rates to make borrowing cheaper and investments more viable. As interest rates are anticipated to lower soon, we can expect hiring activity to pick up in response. This reduction in interest rates will likely encourage business expansion, leading to increased demand for new talent.
Seasonal hiring
Summer often sees a rise in seasonal employment opportunities – in some areas. Industries such as tourism, hospitality, and retail typically expand their workforce to accommodate the summer pressure. For candidates looking for temporary or part-time positions, summer can be a good time. There’s also the potential that temps taken on to cover annual leave can prove their worth and turn their assignment into a permanent job offer.
Graduate opportunities
Summer is a prime time for new graduates to enter the job market. Many companies align their recruitment cycles with the academic calendar, resulting in a plethora of entry-level positions becoming available. Graduates can capitalise on this timing to secure roles that get them started on the career ladder.
Skills shortages
Many industries are still facing skills shortages. If you’ve got the right skills, you’ll be snapped up whenever you enter the job market.
The cons of job hunting in summer 2024
Increased competition
Candidate numbers are up because there’s been less hiring and more redundancies. Add in new graduates coming into play and the competition for jobs this summer might be fierce. Candidates will need to stand out from the crowd with exceptional CVs and applications.
Potential hiring delays
Summer holidays can slow down recruitment processes. Hiring managers and decision-makers might be on holiday, causing delays in interviews and job offers. This can be frustrating for candidates eager to secure a new role promptly. Add in that the Labour Government will go straight into the summer break, employers may hold fire on hiring plans until the autumn.
Uncertainty during transition
While a change in government is bringing hope for economic recovery for many, the initial phase of a new government can be marked by policy adjustments and transitional uncertainties. Businesses might adopt a ‘wait and see’ approach before committing to new hires, which could slow down the job market’s recovery in the short term.
Shift in job market dynamics
The socio-political changes might lead to shifts in which industries are thriving. Candidates may need to be flexible and consider roles in emerging sectors. This shift may require additional training or a willingness to explore new career paths.
Job hunting this summer comes with its own unique set of pros and cons. However, at the end of the day, job hunting is a personal quest. It’s about embarking on it when the time is right for you.
There are always opportunities if you position yourself carefully.
We are here to help, whenever you embark on your job search. Get in touch on 0161 359 3111.
