Official data in October signalled a further increase in permanent staff appointments according to the latest Recruitment and Employment Confederation (REC) report.
However, the availability of individuals to fill permanent appointments fell further in October. Kevin Green, REC Chief Executive, commented that:
“The jobs-rich recovery looks set to continue, with more people being placed into permanent positions last month and businesses across the UK creating more vacancies.”
“However, there remains a big question about sustainability. Employers report an increasing number of skills shortage areas in both the public and the private sector. Salaries continue to rise as businesses battle to attract the people they need but it’s unclear how much longer this trend can continue”.
Furthermore in a recent BBC interview, the Bank of England Deputy Governor, Minouche Shafik, also raised concerns about the tightness of the labour market in the coming months as the economy approaches full employment. She said:
“We are over time seeing a situation where there are recruitment difficulties in many parts of the country, employers are having to build up wages. I do think that the labour market will start to tighten over the coming months".
Meanwhile the Financial Times also reported that the “jobs rich recovery has led to British workers benefiting from the biggest increase in average real pay in a decade. Whilst simultaneously pushing unemployment to its lowest level in seven years”.
Plus ONS statistician Nick Palmer stated that “The recent official figures continue the recent strengthening trend in the labour market, with a new record high in the employment rate and the unemployment rate still at its lowest level since spring 2008”.
Ultimately therefore employers who want to successfully appoint the required talent to drive growth and take advantage of the current economic up-turn and rising confidence, will need to be pro-active and imaginative in their future recruitment campaigns. Plus they will also need to have a strong, transparent and candid relationship with a leading recruiter in the specific functional area and/or sector.
Berwick Partners leads the way in recruiting senior leadership positions across both the Private and Public sectors regionally and nationally. Supporting organisations to make key appointments, which have a critical impact upon their business, future and success.
Simon Walton is a Managing Partner and heads up the Retail and Consumer practices at Berwick Partners.
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