2024 April Recruitment Outlook: Resilience and Adaptability

In the ever-evolving landscape of the London job market, it's paramount to remain informed and resilient. We are your dedicated recruitment partner, and this month we hope to shine a beacon of hope and provide strategic guidance as we navigate the current times.  We are pleased to report some notable and positive shifts from the culmination of our research and the KPMG and REC, UK Report on Jobs.  Here we take a closer look at what the data tells us.

Challenge and opportunity

The most recent Jobs Outlook report uncovers a nuanced narrative of challenge and opportunity. The prevailing economic uncertainty has led to a cautious approach among business leaders, with a noted decrease in permanent placements and the number of temporary hours worked. However, this landscape is met with an optimistic outlook for recovery, driven by the anticipation of interest rate adjustments by the Bank of England, which is expected to revitalise investment decisions and stimulate demand. It’s also worth noting that UK unemployment remains low and this current subdued market was predicted and is on the back of immense growth since the pandemic.

Excellent choice for employers

The research signals a silver lining for employers who have struggled to find candidates for their roles. The increase in candidate availability, attributed to various factors including redundancies and company restructuring, presents a rich pool of talent for employers. This is particularly relevant for sectors where shortages have been noted and indeed made things very difficult for some time. Candidates who are flexible and adaptable can refine their skills, making themselves attractive to employers keen to fill roles that they’ve struggled to fill for some time.  

Salary growth is easing, helping pave the way for employer confidence

Amidst the cautious market sentiment, salary growth for both permanent and temporary roles has moderated from the intense levels of recent times. This reflects a balancing act between attracting talent and managing budgets, highlighting the importance of strategic compensation planning for employers. 

Keep an eye on sectors

The report also sheds light on sector-specific dynamics, revealing pockets of resilience and growth. The tech sector, for instance, has shown robustness, benefiting from AI and the digital transformation wave. For office support roles, this signifies the importance of digital literacy and adaptability as key competencies.

We encourage employers to leverage these insights by embracing flexible staffing models and investing in training and development to bridge skill gaps. While the report presents a mixed bag of challenges and opportunities, the underlying message is one of resilience and adaptability. We’re here to help you as you navigate London's job market.  Call us now, our recruitment market experts are here to help on 0207 7870 7177.