UK Report on Jobs - June 2023

11 July 2023

The main findings for June 2023 from the latest UK Report on Jobs, sponsored by KPMG and the REC (Recruitment & Employment Confederation), are as follows (the full report is available on request):

Staff recruitment held back by lingering uncertainty over the outlook
Recruitment consultancies indicated that companies continued to hesitate to take on additional staff in June, as uncertainty over the economic outlook weighed on hiring decisions across the UK. The latest survey data pointed to a solid fall in permanent staff appointments in June, albeit with the pace of contraction easing from May's near two-and-a-half-year record. At the same time, temp billings growth picked up slightly from May's recent low but remained mild overall.

Candidate supply rises rapidly in June
The hiring slowdown and company layoffs impacted staff availability, which rose for the fourth straight month in June. Moreover, the latest upturn in overall candidate numbers was the sharpest recorded since December 2020, with both permanent and temporary staff supply expanding at accelerated rates.

Starting pay increases at softest rate since April 2021
Latest data revealed further marked increases in both starting salaries and temp pay at the end of the second quarter. Panel members frequently mentioned that the rising cost of living and competition for skilled staff had pushed up starting salaries and temp wages. That said, remuneration for both permanent and temporary staff rose at the slowest rates for over two years in June.

Vacancy growth eases to 28-month low
Overall vacancies continued to rise in June, but the pace of expansion softened for the fourth month in a row. Furthermore, the rate of growth was the softest recorded since the current sequence of rising staff demand began in March 2021. Underlying data indicated that a slower uptick in permanent vacancies offset a quicker rise in demand for short-term staff.

Hopefully this will provide you with an excellent insight into a myriad of critical recruitment topics including hiring activity, candidate availability and salaries. As you strive to keep your current employees happy and attract the best new talent to help your company grow you may find some of the content very useful.

If you want to discuss any of the above or any other recruitment-related issues then please don’t hesitate to contact us on 0121-585 6079.

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