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While data shows that pay inflation experienced by workers over the last year may have peaked, confidence among workers remains strong.

Latest findings from Robert Half’s Jobs Confidence Index (JCI) revealed that as many as 47.4% of UK workers feel confident about their future career prospects and ability to progress in their career over the coming five years. This is up from 41.9% reported earlier in the year.

Matt Weston, Senior Managing Director UK & Ireland, at Robert Half, commented on the findings, “We’re starting to see signs that pay inflation has peaked, although the good news for workers is wage growth is expected to remain above inflation in the coming months.

“Nevertheless, while the current economic uncertainty is a top concern for businesses, the workforce isn’t showing the signs of diminishing confidence as we would usually see at this time. The health of the labour market and that of the wider economy have often been linked, yet at present they are less synced than anticipated.”

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Matt added, “Today’s labour market snapshot is the culmination of factors from the last few years, including Brexit, the Great Resignation and the pandemic.

“Things have changed and access to the skilled talent businesses need to remain competitive is becoming ever more challenging. Increased post-pandemic economic inactivity, innovation outpacing traditional learning routes and limited social mobility have the potential to further weaken the labour market’s ability to match jobs with skilled workers.

“Our research shows job and business growth confidence are on the rise, yet the widespread skills shortages and economic inactivity will take much longer to tackle. Employers are less likely to be in the driving seat in 2024 and being agile with their talent strategies and workforce models will be key.”

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