‘’Further uplift in candidate numbers’’
‘’Staff appointments continue to fall’’
‘’Pay rates up again, albeit at slower rates’’
‘’Further uplift in candidate numbers’’
The August 2024 KPMG & REC UK Report on Jobs is now out.
The latest KPMG & REC UK REPORT ON JOBS has been published featuring survey results from July 11-25 2024.
Commenting on the latest survey results, Jon Holt, Chief Executive and Senior Partner of KPMG in the UK, said:
“While the Bank of England's easing of interest rates will have provided a much-needed lift to businesses and the investment market, the impact on the economic outlook will not be felt immediately. This latest survey data was gathered before the rate cut, and it gives a subdued picture of the labour market as the downturn moves into its second year.
Despite the stability of a new Government and easing inflationary pressures, employer confidence to recruit has not yet returned, leading to delays with permanent hiring and even a small contraction in the temporary market as worker contracts are not renewed. In the sectors where employers are still hiring, a lack of skilled talent continues to drive pay growth.
With forecasts for economic growth improving and potential further interest rate cuts over the coming months there are green shoots of economic recovery. But it’s still early days for this new Government and businesses may be cautious to hit go on their full recruitment and investment strategies until they have heard more from the Chancellor in her Autumn Budget.”
Commenting, Kate Shoesmith, REC Deputy Chief Executive, said:
“Employers are gradually emerging from the woods, gaining optimism for their businesses and the broader economy.
London is setting the pace with a growth in permanent placements signalling the potential for an economic bounce back elsewhere in the country.
In the private sector, permanent staff vacancies rose in July and temp vacancies grew for the fourth consecutive month – to the highest levels since October last year.
Anecdotes suggest growing demand during this big summer of ‘live’ sport, culture and music has led some in hospitality and leisure to shake off their early season caution on hiring.
The weaker growth in both salaries and temp pay suggests that employers are keeping pay in line with inflation as the Bank of England want and the interest rate cut is welcome. Employers will need more of the same to maintain confidence.
The new government must grasp this greater sense of optimism with labour market reforms that are both pro-worker and pro-business, and that don’t jeopardise the temporary workforce. Agency work allows for the flexibility many people need to work, and employers need access to these types of workers given ongoing skills shortages. Listening to employer concerns about some of the government’s ‘Make Work Pay’ plan is crucial and will underpin future success via productivity gains and economic growth.”
Key findings are:
You can read the full report here.
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