At Love Success, we specialise in helping businesses find the right office support talent in London. As we review the latest trends in the job market, it’s clear that while there are challenges, there are also key opportunities for recovery and growth. The most recent KPMG and REC Report on Jobs offers valuable insights into the current state of hiring, and while the market may seem cautious, there are promising signs ahead.
Recovery on the horizon
The report highlights that many UK businesses have temporarily slowed their hiring due to uncertainties around government policies on tax, industrial strategy, and workers’ rights. However, by the time of publishing, it’s likely that the Autumn Budget will have brought some clarity that could significantly boost business confidence and unlock much-needed momentum in the job market.
There’s stabilisation in people getting new jobs
Although the number of people placed into permanent positions has been declining for two years, there is good news: the pace of decline eased in September. This suggests that we may be turning a corner, with businesses beginning to show interest in securing talent again. In the office support sector, we anticipate that once confidence returns, businesses will swiftly resume hiring to meet their operational needs. Temporary roles, while still contracting, follow a similar trend, with September showing a softer reduction compared to previous months.
Pay growth is also easing into stability
After several years of high pay inflation driven by competition for top talent, we are finally seeing pay growth begin to stabilise. In September, permanent pay inflation was the lowest since February 2021, which is a positive sign for businesses looking to hire in a more balanced market. For temporary roles, pay inflation has levelled off for the first time in over three years. This stabilisation could make it easier for employers to attract skilled office support professionals without facing overwhelming salary pressures.
A positive mood ahead for vacancies
The number of permanent vacancies has contracted over the last 13 months, but this decline appears to be moderating. We believe demand for office support roles will pick up soon, particularly in London where businesses are poised for recovery. Temporary vacancies have also seen a modest contraction, but the speed of this decline is slowing down, signalling that demand could increase soon.
There’s a healthy candidate pool for employers
One of the bright spots in the current landscape for employers is the growing availability of candidates. Businesses have access to a wider talent pool than they’ve seen in years. This means companies ready to hire will find a range of highly qualified office support professionals available. In fact, candidate availability has been on the rise for 19 consecutive months, a trend that continues to provide opportunities for employers to find the perfect fit.
Ready for recovery with us
At Love Success, we believe that the job market is on the verge of recovery. Businesses and candidates alike are in a strong position to take advantage of new opportunities once confidence returns. The office support sector in London is essential for keeping operations running smoothly, and we’re confident that demand will bounce back as companies look to stabilise and grow.
We are here to help you navigate these changes and maximise the opportunities available. Contact us today on 020 7870 7177 for any of your recruitment needs.