The latest KPMG and REC, UK Report on Jobs survey, compiled by S&P Global, reveals that recruitment intentions in the UK remained subdued at the close of 2023. Both permanent placements and temporary billings experienced declines, although at softer rates than in the previous month, reflecting cautious hiring attitudes amid a weaker economic climate. Vacancies also decreased slightly for the third time in four months, while the supply of candidates continued to rise sharply, despite a slowdown in the expansion rate from November’s near three-year high. Competition for skilled workers pushed up starting pay rates in December, although the increase was below historical trends.
The report, based on feedback from around 400 UK recruitment and employment consultancies, highlights the challenges faced in the labor market, including muted demand for staff, recruitment freezes, and increased redundancies. It also indicates a divergence in regional trends and sector-specific variations in demand for both permanent and temporary workers. While there are signs of improvement, particularly in healthcare staffing, the overall outlook remains cautious due to ongoing economic uncertainty.
Read the original REC Press Release Here