With the release of the latest labour market figures from the ONS, multiple leaders within the Recruitment sector gave their thoughts on the report.
Lee Biggins, founder and managing director of CV-Library, comments;
“It’s great to see that the job market is still doing well. The latest labour market statistics mirror our own data, which showed an 11.3% increase in job vacancies and an even greater rise in candidate applications at 13.2% in the same period. Increased candidate interest is crucial for long-term business sustainability, particularly as the UK embarks on its exit from the EU. But, whilst many have been quick to voice their concerns about the Brexit and what it means for the UK’s economy, the reality is that it’s still far too early to speculate. The nation should be confident in the fact that salaries are still growing, job-hunters are still active and that businesses are continuing to invest in job creation and solidifying their workforces.”
John Salt, Group Sales Director, totaljobs commented:
“Given that this is the first month that ONS figures have included data from the outcome of the EU Referendum, it’s really positive to see that unemployment has fallen yet again. It seems that businesses remain confident and this is certainly a sentiment we’ve seen echoed in our own data, which found that almost half (44%) of UK businesses say that Brexit won’t affect the number of people they hire.
“However, it would be naïve to assume that the UK job market has successfully navigated the stormy waters caused by Brexit. Our August Totaljobs Employment Index revealed that the number of applications per job, a measurement of job competitiveness, is up 14% year-on-year. Therefore, the new Government must continue to do all it can to create conditions where businesses of all sizes will be encouraged to keep on hiring.”
Recruitment & Employment Confederation Chief Executive Kevin Green says:
“The UK labour market continued to perform well before the referendum, with today’s ONS data showing that unemployment remained at 4.9 per cent and employment grew by 172,000. We currently have an employment rate of 74.5%, the highest since records began in 1971. Our members tell us that clients continue to need more people in order to meet demand, be that permanent or temporary staff.
“It is encouraging to see wage growth continue to rise at 2.4 per cent, up on the month before. With inflation now predicted to exceed the Bank of England’s two per cent target next year, it’s important that employers use pay and benefits to retain their people as skill and talent shortages continue to be a problem.
“Our Report on Jobs data for July showed a drop in permanent hiring immediately after the referendum, but it is still too early to draw conclusions about the implications for the vote to leave the EU on the jobs market. Today’s ONS data shows the jobs market fundamentals are strong and this puts the UK in a good position to bounce back from the initial shock.”