Moz, for us it has varied depending on the type of role. You're absolutely correct that there are a flood of CVs from mediocre candidates, and many candidates who are obviously applying for anything, shotgun style, just trying to get a job. Specific skillsets are still quite difficult to source, although there are some occupational groups where it's been a lot easier for us to fill vacancies since Christmas.
Short answer - yes and no :-)
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