April brings a new financial year, and the Spring budget brings changes that predict things should gradually get easier for companies to recruit over the next few months. The headline numbers demonstrate improvements and reflect that the jobs market has remained resilient despite an economic downturn.
Business confidence in the UK economy continues to grow, along with employer confidence in recruiting and investment decisions.
Candidate availability rises for the first time in 25 months
The continuing pay growth is likely reflective of the impact of inflation on wage offers and low labour supply. This means increasing pay is likely to persist, despite more people beginning to look for work.
Demand for staff continues to increase, and candidate availability improves for the first time in over two years. – though only modest. The modest rises in both permanent and temporary staff availability supported this upturn.
Our team at TurnerFox can report an improvement in confidence among our candidates looking for opportunities along with a slight surge in redundancies, which have also been cited as a peak in increased staff supply.
Starting salaries have risen, and the upturn has been driven by efforts to attract scarce candidates. The higher cost of living also imparted upward pressure on pay.
We’ve also noted an increase in pay for permanent and temporary candidates, with the rise in minimum wage impacting the overall growth of salaries and wages for all.
The job market remains resilient as economic confidence rebounds
The ‘Overcoming shortage report’ demonstrates a progression in vacancies being filled and a step in the right direction and getting back to pre-pandemic levels of stability and labour supply.
Our takeaway from the KPMG and REC report and what we’ve seen here at TurnerFox recruitment is the predication of doom and gloom isn’t coming to fruition as employers are more confident in taking steps to recruit for new roles and candidates are taking leaps of faith and changing jobs.
Our Survey Results Are In
We ran a survey in March to see how easy it is for businesses within Nottinghamshire and Derbyshire to recruit.
Our survey found that those using a recruitment agency could fill vacancies within 1 – 2 weeks and felt their new recruit was in it for the long term.
We recruit for temporary and permanent roles throughout Nottinghamshire and Derbyshire. We can help you recruit for commercial and industry roles and pride ourselves on finding the right people of the right role from office support, marketing, sales, customer service and technical.
Data from KPMG and REC, UK reports on jobs April 2023