As the latest final countdown to a Brexit deadline works its way toward another extension, ongoing uncertainty continues to hit hiring activity in the UK Job market.
No surprise there.
So what exactly is happening in the UK job market while Brexit plays out?
UK JOB MARKET UPDATE
Here’s an impact summary on UK hiring activity, drawn from the latest Recruitment & Employment Confederation KPMG Report on Jobs for September 2019.
• Vacancy growth eased
Supply & Demand
• Demand for staff increased modestly
• Candidate supply decreased sharply
• Starting wages increased at a faster rate
• Temp rates increased at a slower rate
• Permanent placements declined
• Temp billings picked up slightly
UK JOB MARKET INDICATORS
While all that is going on, an underlying problem in the UK job market hasn’t gone away. Skills shortages continue to affect large sections of the UK economy.
• 76.1% employment rate at a record high
• 3.8% unemployment rate lower than last year
• 4% annual growth in weekly earnings
WHAT DOES THAT ALL MEAN?
People aren’t changing jobs.
That is what happens in times of uncertainty. Fewer people changing jobs mean there are fewer vacancies created.
In summary, there is less activity in the UK job market while both employers and candidates sit on their hands waiting to see how Brexit will impact their respective prospects.
What does that mean for you?
As Brexit plays out, skills shortages remain a serious problem and the people we help continue to find jobs.
For people heading to the UK to work, the best thing you can do is heed the advice of our Australian and New Zealand community in London …. Plan, prepare and get 100% organised BEFORE you arrive.
To delve further into our UK job market update, refer to these related articles:
- What next for Boris Johnson’s Brexit deal?
- Employers scale back hiring plans in September as Brexit deadline looms
- UK Job Market Overview, September 2019
- Perm Placements Down Again But Temp Billings Up Slightly
- Robert Walters Blames Lack of Job Movement in the UK
- Tips from Aussies and Kiwis living in London