Hiring activity softens, but pay growth remains sharp

(2 minutes to read)

A new report shows that there has been a further slowdown in hiring activity after previous record highs, however, pay pressures remain historically sharp.

A new report shows that there has been a further slowdown in hiring activity after previous record highs, however, pay pressures remain historically sharp.

Compiled by S&P Global, the latest REC and KPMG UK Report on Jobs also revealed a broad-based increase in demand for temporary/contract staff – this was led by hotel & catering with the softest rise in retail.

Neil Carberry, Chief Executive of the REC, commented, “These numbers show a hugely positive jobs market if you are looking for work. While the pace of growth has dropped after a stellar first quarter, by any normal measure there are still lots of vacancies out there, offering improved wages.

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“For companies, they emphasise again that hiring is a challenge in this market, and getting it right matters – the help of professional recruiters will be vital. The market for temporary work is stabilising faster than for permanent staff, which could suggest a little caution creeping into employers’ thinking in the face of high inflation.

“But compared to pre-pandemic, labour supply is still the big issue we have to solve. With over half a million people missing from the jobs market, and demand still growing strongly, this is a big, strategic issue for the UK. Growth is essential to funding public services and paying higher wages sustainably. Any plan for growth must include action to help people into work from inactivity, skills reform, support for innovation on productivity and targeted immigration reform.”

To find out more about contracting please contact Amelia on 01206 591 000 or email amelia.bowlez@contractorumbrella.com.

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