While new research from the Association of Professional Staffing Companies (APSCo) has revealed a 35% drop in vacancies between October and November 2023, the trade association has warned recruiters to prepare for a hiring spike following investment in the sector.
The data – provided by the world’s largest network of job boards, Broadbean Technology – painted a concerning picture for annual job vacancies which were also down by 59% in November. Despite this decline, applications for pharmaceuticals and life sciences jobs have nose-dived, falling 64% month-on-month in November.
With the Chancellor unveiling an investment package to boost the sciences remits in the Autumn Statement, APSCo has warned that hiring is likely to spike in the coming year, and recruiters need to be prepared to meet the demand.
Ann Swain, Global CEO of APSCo, commented:
We may be experiencing a decline in jobs in the pharmaceuticals and life sciences sector, but when we consider this in the broader context of the last few years, this fall is likely a stabilisation of demand following the peaks of Covid-vaccine development years. Despite the current sentiment, employers and recruiters need to remain vigilant as an uptick could be on the cards soon.
The Chancellor unveiled a £500 million investment package to bolster science and technology in the UK and it’s likely that we’ll soon see this impact recruitment activity. It takes a significant amount of time to train and development experts across pharmaceuticals and life sciences. With skills shortages still rife and application numbers tumbling, we could see a reinvigorated war for talent in the New Year.