“We’re not surprised to see the figures released by the CIPD this week. Employers are certainly taking a more reserved approach when it comes to when to hire and at what volumes, leading to slower hiring rates, and the Labour Market Report certainly reflects this reality.
But while times of economic turbulence bring challenges, they also open up new opportunities for businesses to optimise their hiring strategies.
For instance, we have seen first hand that businesses are in many cases turning to flexible workers to fill short-term skill gaps without the long-term cost burden, which is a trend we expect to continue this year.
In terms of how employers are tackling rising employment costs head on, another trend we are seeing is that businesses are hiring internationally in off-shore locations, enabling them to access the same quality of talent while protecting their business against local increases in employment costs.
The final piece of the puzzle for employers to navigate the market right now is centered around data and intelligence. Data-driven hiring is crucial because it helps businesses understand market pay rates, whether that's daily or hourly, for in-demand skills, helping them to remain competitive while managing costs effectively.”
