Review of the UK Jobs Market – March
Welcome to our Review of the UK Jobs Market for March 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.
Upturn in hiring activity slows again amid candidate shortages
The main findings were:
- Permanent staff appointment rise at slowest rate for a year
- Labour supply falls rapidly, driving record rise in starting salaries
- Overall vacancy growth hits six-month high
Softest increase in permanent placements for a year
Though sharp and comfortably above average, the rate of growth in permanent placements slipped for the fourth month in a row and was the slowest since March 2021. The general lack of candidates is reported to have contrained overall growth.
Temp billings growth slows for second month running
Growth in temporary placements eased for the second month in a row and was the slowest seen for 11 months, albeit strong by historical standards. Rising business requirements and lack of available permanent staff attributed to the increase.
Vacancy growth picks up to six-month high
March saw a rapid increase in demand for both permanent and temporary staff, with upturns hitting six and seven month highs respectively. Permanent vacancy growth continued to outpace that seen for short-term roles, as has been the case throughout the past year.
Compared to the same time last year, vacancies were up 114% to 1,318,000. It was also 62.5% higher than before the outbreak of the pandemic.
Overall candidate supply continues to decline rapidly
The demand for workers continued to outstrip supply amid a low unemployment rate. People are still reluctant to switch roles due to the uncertainly related to the pandemic, and the Ukraine war, and of fewer EU workers. The rate of decline of temporary workers has softened slightly but candidates are preferring permanent positions over short-term roles.
Starting salaries inflation hits fresh record
Average salaries awarded to new permanent joiners increased substantially during March. The growth is again attributed to the upturn in intense competition for scarce candidates.
Sharper increase in temp pay
The rate of temporary pay inflation quickened to a three-month high in March. Anecdotal evidence suggests that pay rose due to the shortage of applications, and to help account for rising living costs.
Source: KPMG and REC UK Report on Jobs 08 April 2022
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