New UK Job Market Data. As the month unfolds, the Office for National Statistics unveils its monthly UK National Labour Market report—a valuable resource for Recruitment, HR Professionals, and Employers keen on understanding current recruitment trends.
Senex Recruitment Ltd consistently delves into these findings, with a particular focus on critical aspects such as the Annual Growth in Pay, which holds great significance for our clients and candidates alike. Whether benchmarking for internal evaluations or navigating the job market to discover new talent, these insights are indispensable.
As we approach 2024, January marks the season for employee appraisals. Companies should anticipate their workforce seeking year-on-year pay increases in alignment with the UK’s average pay growth, currently standing at 7.7% (excluding bonuses) according to the ONS.
What does the UK job market data mean for recruiting companies?
What implications does this hold for recruiting companies? There are dual considerations. On one hand, there are candidates potentially underpaid in their current roles, presenting opportunities for companies to attract them with minimal adjustments to their pay rates. However, industries like Engineering, Manufacturing, Science, and Technology face a scarcity of talent. Even if a salary aligns with the current market rate, it may not be adequate to attract the best candidates. In such competitive fields, candidates often expect at least a 10% increase in their current salaries to consider a move, a factor crucial to ongoing recruitment strategies.
Moreover, there are noteworthy regional disparities in employment and the job market. The Office for National Statistics provides valuable region-specific data and given our primary focus on the Southeast of England, we’ve highlighted the dataset for this region which you can find with this link. For a comprehensive view, all data is accessible on the ONS website.
Conclusions to be drawn from the UK Job Market Data
In summary, the overall trend in the UK job market remains steady, with marginal fluctuations each month. While there’s a slight dip in the year-on-year pay rate, the number of vacant positions has slightly decreased. Economic inactivity persists at a high level, and the count of those claiming unemployment benefits has seen minimal change. The job market outlook in the UK maintains a status quo, with a potential misalignment between employer and job seeker expectations.
Senex Recruitment offer expertise in the UK job market
At Senex Recruitment, we stand ready to provide expert advice on recruitment. Our consultants offer a blend of real-world expertise in salary expectations and market knowledge derived from daily experiences in the STEM job market. Don’t hesitate to reach out to tap into this wealth of recruiting knowledge. Contact our consultants today on 01424 211872.
If you are stepping into the STEM job market, we invite you to explore our job postings. You can also register as a candidate. Additionally, if you’re seeking to expand your team, you can register a vacancy on our website.
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