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With further covid restrictions being eased, May saw contractor billings growth rise to historic levels with demand for workers increasing at the fastest rate for over 23 years.

Compiled by IHS Markit, the KPMG and REC’s latest UK Report on Jobs survey revealed that temp billings rose rapidly, expanding at the quickest rate for more than six years. Rates of pay also hit a near two-year high.

Kate Shoesmith, Deputy CEO of the REC, commented, “We now have a consistent picture over the past few months to show that confidence is growing and hiring plans are in motion. The data is mirroring exactly what recruiters tell us daily. Permanent placements are growing at the fastest pace we’ve ever seen, and temp billings at the quickest for six years.

“So now is the time for action. With demand spiking, the skills and labour shortages that already existed in the UK have come into sharper focus – and COVID has only made them worse. This is the most pressing issue in the jobs market right now, and has the potential to slow down the recovery.”

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Claire Warnes, Partner and Head of Education, Skills and Productivity at KPMG UK, added, “With demand for workers in May increasing at the fastest rate in 23 years, the jobs market seems to be firing on all cylinders, and we need this momentum to continue for our economy and businesses to fully bounce back.

“But the deterioration in staff supply intensified this month, with overall candidate availability declining at the quickest rate since May 2017. This is a worrying trend and the message is clear: we need businesses and recruiters working alongside government to urgently address the skills gap by supporting candidates and employees to upskill and reskill to move into new roles. This will be crucial to our recovery from the pandemic and the levelling up of opportunities across the UK.”

To find out more about contracting please contact Jessica on 01206 591 000 or email jessica.attwood@contractorumbrella.com.

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