Permanent placements decline for second month running in October 22
The looming recession is clearly impacting the UK jobs market. Employers’ increased reluctance to hire combined with fewer available candidates has resulted in the overall number of permanent placements falling. However, this doesn’t negate the need for staff across the South and as we head to the end of Q4, we expect some clients to continue scaling back on new hires, and instead increase benefits and learning and development opportunities for current employees as a retention measure. Now more than ever, it’s essential that we focus on upskilling the workforce to support and boost economic recovery when it comes. The jobs market will bounce back, particularly if we invest in the skills of the workforce across all sectors of the economy.
Further modest decline in permanent staff appointments
The number of people placed into permanent roles in the South of England fell for the second month running in October. The pace of reduction remained mild overall but there still seems to be candidate shortages and a hiring slowdown due to greater economic and political uncertainty.
At the UK level, permanent placements fell for the first time in 20 months and at a solid pace.
Job Vacancies
There is a further slowdown in vacancy growth across the South of England during October.
Downturn in permanent staff supply remains sharp
Adjusted for seasonal factors there still seems to be a further reduction in the supply of permanent workers across the South of England during October.
Concerns around the economic outlook and skill shortages are key factors weighing on candidate availability
Softest increase in starting salaries for a year-and-a-half
Pay awarded to new employees in the South of England increased for the twentieth successive month in October. Higher pay is frequently attributed to competitive market pressures, low candidate supply and the rising cost of living.
