Over the last five years, the employment market across the Channel Islands has undergone a radical change, with the Jersey jobs market in particular becoming increasingly more buoyant.
Government figures suggest that between December 2021 and 2022, the total number of jobs in the Jersey economy increased by 1,600 – translating to around 2.6%.
With Jersey now established as a top destination for high-net-worth individuals and world-class employers in the professional sector, there’s an increasing number of job vacancies. The latest labour report for Jersey suggests that the highest proportion of jobs are in the ‘financial and legal’ sector, which supports some of the highest-paying roles.
As you’d imagine, this increase in vacancies has been reflected by a huge rise in demand from both candidates and employers, which has naturally led to more opportunities for career advancement and higher salaries. Unfortunately, it’s also resulted in multiple challenges.
Below we explore what has contributed to these significant changes across the jobs market and what that means for both candidates and employers.
How has the Jersey job market changed?
Since both the Brexit vote and the global pandemic, the Jersey employment market has shifted significantly.
While there are more opportunities than ever for candidates, the jobs market has also become much more competitive and many employers are struggling to fill roles quickly.
At its peak, the average time between application and employment was around two weeks in recent years. That figure now stands closer to two months, which is causing frustration for both candidates and hiring managers.
This is largely down to two factors:
1. The significant increase in the number of job vacancies, which has meant there are more candidates to sort through for each position.
2. The hiring process has typically become more rigorous, with employers focusing on getting the best match for the role – a process that naturally extends the time it takes to hire. Likewise, candidate expectations around remote working and similar conditions have changed, which impacts hiring processes.
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What does this mean for the Jersey jobs market?
It’s this shift in attitude that means employers are now having to consider how they hire and what their onboarding process looks like.
Despite some of these challenges for employers, there are still some fundamentals that remain intact.
- Jobs in sectors such as fund, trust, banking, legal and secretarial are still in high demand across the island.
- Companies are still seeking candidates that have the right skill set and experience.
- The importance of being adaptable and flexible is still vital for candidates.
This means that Jersey candidates with the right skills and experience are in a stronger position than ever to both find and negotiate better career opportunities, while still retaining the work-life balance that is so in-demand right now.
How are Jersey employers responding?
With the market changing, employer attitudes have changed alongside it.
Many employers are now attempting to shorten the time it takes to find the right candidate by streamlining the hiring process. With many businesses now only holding one or two interviews before extending a formal offer, there’s more pressure for candidates to make an impact from the beginning.
Likewise, hiring managers are placing more importance on the screening process to ensure that there’s less friction in the application-to-interview pipeline. This means that creating a good CV or writing an impactful cover letter is more important than ever.
Ultimately, candidates seeking Jersey jobs should take this opportunity to find advancement, potentially higher salaries and move into new, desirable sectors.