Review of the UK Jobs Market – June
Welcome to our Review of the UK Jobs Market for June 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.
Permanent placement growth weakens to 16-month low in June
The main findings were:
- Notable slowdown in permanent placement growth
- Softest increase in vacancies since March 2021
- Steeper reduction in overall candidate availability
- Pay pressures moderate slightly, but remain sharp
Slowest increase in permanent placements for 16 months
June saw another increase in permanent placements, but the rate of growth is slowing each month. A combination of candidate shortages and slower decision-making at companies has constrained overall growth.
Temp billings growth remains sharp
Placement of temps also saw another rise in June, although at the lowest rate seen since February. Lack of candidate availability and general increase in business expenses has weighed on temporary placements.
Vacancy growth softens to a 15-month low
Permanent vacancies continued to rise at a steeper rate than that seen for temporary roles in June. The strongest increase in vacancies was signalled for permanent workers in the private sector. The softest, but still marked increase in vacancies was seen for temporary workers in the public sector.
At 1,300,000, the overall number of vacancies was the highest ever recorded, having increased from April’s previous record of 1,296,000.
Quicker reduction in overall staff availability
Candidate numbers are continuing to fall across the UK. This is due to generally low unemployment rates, concerns over job security and increased economic uncertainly has made people more cautious to take up new roles. June also signalled a quicker fall in the availbility of temp staff. The pool of temporary candidates has shrunk due to strong demand for staff, a greater preference for permanent roles, and fewer foreign workers.
Starting salary inflation edges down to a 10-month low
June signalled a further rise in salaries awarded to new permanent joiners. Intense competition for scarce staff and pay negotiations with candidates has reportedly pushed up pay. Albeit at a slower rate than last month.
Temp pay growth eases again in June
Continuing a trend seen since March 2021, pay for short term staff rose in June. Higher pay is being linked to staff shortages and greater efforts to secure staff. The South of England saw the sharpest rise in hourly rates for temp work.
Source: KPMG and REC UK Report on Jobs 10 July 2022
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