Job Market Report – REC and KPMG March 2019
This report is compiled from responses to questionnaires sent to a panel of around 400 UK recruitment and employment consultancies (including the Ten Percent Group).
Main Findings:
Permanent placements unchanged, but temp billings expand at quicker pace
Availability of staff continues to worsen
Vacancy growth at near two and a half year low
Response from James Stewart, Vice Chair at KPMG
“..in 2019 Brexit uncertainty is having an opposite and chilling effect on the jobs market, with firms reassessing their level of risk. With a decision on Brexit now imminent we’re seeing companies freeze or slow the pace of new hires, whilst at the same time the number of people looking to enter the jobs market has declined further. With unemployment at its lowest level since 1975, widespread skills shortages are also cooling the jobs market.. This means candidates
with the right skills are commanding ever higher premiums and pay growth is now at a 10-year high. This has seen pay outstripping living costs meaning people feel better off. Once a political decision is made on Brexit we expect a wave of pent-up investment to be released in parallel with a renewed focus on cost reduction. This should result in another busy time for the jobs market later this year.”