Payments Employment Market Insights

In 2024, UK businesses are predicting faster expansions in employee numbers and capital spending. Compared to the end of 2023, hiring forecasts were dialled up in February 2024.

Insights into the employment market

In the employment market, hiring plans are growing in 2024, especially in the services sector.

The latest reports from the Office for National Statistics show reductions in overall vacancies during January 2024. In October 2023, there were 932,000 job opportunities available, yet this slipped down to 26,000 in January 2024. This is the lowest figure recorded for nearly three years. This suggests that employers should utilise this opportunity to hire whilst there is less competition for the best talent.

How can employers utilise this information?

Wage pressures are forecast to remain quite difficult, which is why employers should be encouraged to find new and innovative solutions to satisfy and retain their workforce.

In addition to this, the number of job seekers hunting for permanent job positions across the UK rose for the 12th month running in February.

There were consistently more reports of redundancies in 2023, which increased the number of workers on the hunt for permanent roles. Other reasons job seekers were searching for permanent roles were for security and stability.

However, falling demand for permanent workers was registered in 8/10 employment categories during February.

Studies have found that total worker earnings have risen by nearly 6% towards the back end of 2023, in comparison to one year before. This showcases the softest rate of pay growth for nearly two years.

Employers need to consider fairer pay opportunities for their candidates, as this will help to attract and retain the best talent. Times are ever-evolving in the employment market, which is why employers need to adapt quickly to meet the needs of the workforce during these changing times.

For support in utilising this data to improve your hiring goals, work with Mostyn Chase.