Although UK economic growth has stalled in recent years, the labour market has held up like never before.
In previous decades, an economic downturn would be matched with a slump in jobs – creating an increased pool for those still looking to hire and reducing pressure on wage inflation.
However, this downturn is different. Why?
- The labour force is shrinking due to an aging population and lower migration
- Ongoing skills shortages mean demand persistently outstrips supply
- Average employee tenure has decreased disrupting productivity and increasing costs
As indicated by the Recruitment and Employment Confederation research, this is resulting in many firms having vacancies that are hard to fill and a quarter of employers anticipate significant problems filling jobs over the coming year.
In this context, having a strong and trusted recruitment partner as a key lever to pull in your talent acquisition and retention strategies can be crucial.
If you’re ready to take a partnership approach to your recruitment, the team at JS Recruitment are here to support you.
