Summary: The REC Jobs Report – November 2022

The latest REC and KPMG UK Report on Jobs survey, which was completed by S&P Global has found that November 2022 saw:

– Permanent placements fall, while temporary billings expand modestly.
– The softest increase in job vacancies for 21 months.
– Pay pressures eased slightly amid a softer drop in staff supply.

Labour shortages, alongside concerns over the economy, impacted recruitment heavily during this period. However, the overall demand for workers expanded at the softest rate since February 2021. Furthermore, temporary positions expanded more sharply than those seen for permanent roles.

Candidate supply moved closer to stabilisation, dropping at the softest pace since April 2021, and continuing to fall at an overall historically strong rate. On top of this, the overall availability of workers continued to deteriorate at a steeper average pace since the survey began 25 years ago. It is expected that this is due to:

– Tight labour market conditions
– Fewer foreign workers
– A greater hesitancy for people to take up new roles due to economic uncertainty

Competition for workers alongside the rising cost of living helped to continue to push up starting salaries and temporary wages slightly, while inflation rates continued to ease. This being said, the inflation for both starting salaries and temporary wages did ease in comparison to previous months, with the latest increase in permanent starters’ pay being the lowest marked since April 2021.

 

Notable Sector Variations:

– The steepest increase in demand for staff was signalled for temporary workers in the private sector.
– Eight of the ten broad job categories registered increased demand for permanent staff during November, led by Nursing/Medical/Care.
– Vacancies were broadly unchanged in Construction, while IT & Computing noted a slight reduction.
– The quickest rise in vacancies was seen in Nursing/Medical/Care.

 

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