Industry Insights - Sphere's December 2022 Job Market Report14 Dec, 20225 mins
Across the digital sector, we are seeing the number of vacancies continue to fall (22% decr...
Across the digital sector, we are seeing the number of
vacancies continue to fall (22% decrease). This is consistent with our data
from our November report. Salary expectations have come down slightly from 27%
in our November report to 23% this month.
The UK has been experiencing talent shortages as
unemployment hit record lows in 2022, and the added complexity of the cost of
living crisis is driving salaries up as businesses try to retain and attract
Although there is a decrease in new vacancies, this tends to
be expected at this time of year. We saw a surge in new vacancies
post-pandemic, the decrease we are now witnessing is not as profound as it
appears when we look at hiring pre-2020.
Whilst some businesses are experiencing redundancies, many businesses
are capitalising on the newfound talent coming into the market. Caution is
clear across most markets but many are optimistic about growth in 2023 and the
rebound in vacancies.
Time to fill has seen a decrease from 46 days to 44 days. In response to the candidate-led job market, many companies and talent teams have recognised the need to work quicker in the current climate to ensure they are attracting and hiring the top talent and beating the competition.
Agencies again have seen a slight decrease in new vacancies
(11%). Despite this overall industry decrease, Content and Project Management
Roles have seen a huge increase with 125% for Project Management roles and 314%
for Content roles. Ad Operations roles have seen the largest decrease across
the board at 46%.
Expected salaries have seen a general increase of 22%
between the same 90 day period in 2021 and 2022, with all job types seeing an
increase in expected salaries. Content roles have seen the most significant
change of 185%, however, this is expected due to new vacancies also seeing such
a drastic increase.
We are already seeing shoots of recovery as hiring returns
in January 2023 as teams are assessed and new budgets are set.
Time to fill has remained consistent at 46 days to fill compared to 2021, though with an increase in job flow in the new year, we expect this number to decrease.
The DTC industry has seen a small decrease in new vacancies
(7%) in the last 90 day period from 2021 compared with 2022. Despite this
overall decrease, Data, Content, Ecommerce and Product roles have experienced a
continued increase in new vacancies, with content
roles seeing a drastic increase of 120% between 2021 and
2022, showing that the demand for consumer goods is strong.
Salaries have also seen a small decrease of 7%, with content
jobs seeing the biggest increase at 56%. The increase in both new vacancies and
expected salary seen in content jobs is most likely due to it being an emerging
role that is becoming more heavily demanded across all sectors as we continue
to consume more and more content across channels.
Time to fill has seen an increase from 46 days in 2021 to 51 days in 2022. This demonstrates a caution to hiring for DTC businesses.
As we go into December and year end, Technology Vendors have
seen an overall decrease of 24% in new vacancies in the same 90 day period from
2021 to 2022. There has been a significant increase in expected salary,
increasing by 45% across the market.
The manifestation in the talent market meant a swap: sales
roles for customer centric roles in an attempt to build customer loyalty,
retain clients and demonstrate value in the period of stagnation. Technology
Vendors have continued to see growth across Ad Operations, Ad tech Sales and
Programmatic Trading as the advertising industry continues to grow in the
Across Marketing Technology, roles have slowed down slightly
with a number of our customers using this quarter to slow hiring and plan for
their growth in 2023. We are predicting a very active and competitive January
as businesses set their eyes on growth in the new year and captilise on finding
Technology Vendors have seen time to hire decrease from 46 days in 2021 to 40 days in 2022 as clients streamline their recruitment process to land talent that is in high demand.
Media Owners and Publishers
Moving into December, we have seen a real slowdown in hiring
with a large decrease (73%) in new vacancies from the same 90 day period in
2021 compares with 2022. Programmatic Trading roles are the anomaly in our
data, seeing a 67% increase in new vacancies.
It is likely that companies are taking this quarter to
reflect on the year and take a strategic approach to 2023. However, we are already seeing businesses
getting ready for an active January with a high number of businesses coming in
strong and already making plans to hire in the new year.
Salaries have seen a small increase of 1% this year in
comparison to the same 90 day period in 2021. Programmatic Trading is seeing
the highest increase in expected salary, and this is most likely to reflect the
increased hiring rates compared to the other industries.
Media Owners and Publishers have seen the biggest decrease in days to fill from 46 in 2021 to 36 in 2022. Those that are hiring, are benefiting from their competitor’s more cautious approach and finding that securing top talent is benefited by speedy recruitment processes.
The contract market remains a constant support for a digital
market that is experiencing top talent shortages. Contract staffing solutions
are a great way to rebound fast and ensure that you can meet the ebbs and
flows. Those businesses that utlise freelancers in 2023 will find they bounce
back quicker and beat the competition.
With hundreds of contracts on our books, our contract
division can help secure the best freelance talent with specialist skills and
Comparing the past 90 days with the previous year's 90 days,
we have seen an overall decrease in contract roles, this goes hand in hand with
the reduction seen from the permanent side of the business (as the majority of
our clients need contractors to cover while they hire permanently).
Day rates are pretty consistent overall, this past 90 days have averaged slightly lower due to less roles year on year available, and we have seen an increase in the average contract length which, most of the time, works in line with rate reduction.
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