Review of the UK Jobs Market – February
Welcome to our Review of the UK Jobs Market for February 2022. Each month, we share market insight on the state of the UK jobs market.
You can either read our short blog, or see our infographic.
Candidate shortages drive softer increase in recruitment activity in February
The main findings were:
- Slower rises in permanent placements and temp billings
- Availability of staff falls at a sharper rate
- Pay pressures intensify
- Vacancy growth accelerates
Permanent placement growth eases to 11-month low
The number of people placed into permanent jobs increased during February, as has been the case throughout the past 12 months. Strong demand for staff and rising client activity levels is causing the sustained increase.
Temp hiring rises at softer pace
February is the nineteenth consecutive month to see a rise in temporary placements. Increased market activity and the preference for flexible workers due to lingering pandemic uncertainty is driving growth.
Sharpest increase in vacancies in 3 months
February permanent vacancy numbers increased at the quickest pace since November. Temporary vacancies also accelerated for the first time since July and was the sharpest for 3 months. The strong rise in vacancies was driven by quicker increases in both permanent and contract vacancies in February.
The total number of vacancies now sits at 1,298,000. Vacancy numbers are now 60% higher than prior to the pandemic.
Decline in candidate availability gathers pace
The availability of permanent workers across the UK declined further in February. The level of deterioration is the sharpest since November. The downturn in temp availability quickened during February too and was substantial overall.
Near-record increase in starting salaries
The rapid increase in salaries was the second-sharpest on record in February. Salaries for new permanent joiners has risen as demand for staff far exceeds supply, as well as efforts to attract applicants.
Sharper increase in temp pay
Pay for short term staff has increased at the sharpest rate since November due to greater competition for scarce workers and in order to secure the staff with the right skills.
Source: KPMG and REC UK Report on Jobs 10 March 2022
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