Peter Healey, CEO of eFinancialCareers, comments: “We are seeing the emergence of mounting complexities for both recruiters and candidates alike within the jobs market, with the latest ONS data signalling some of the key issues that are creating challenges for the industry.
While there is continued evidence of increased competition among applicants for certain roles, simultaneously wage growth has fallen to its lowest level in more than two years. Our global research, assessing the criteria for the ideal employer, indicates that nearly half (42%) of entry level candidates have formed a strong association between high compensation and their preferred organisation of choice. In order to retain talent in the UK, more must be done to ensure UK salaries remain competitive on the global stage.
Unemployment rates have also fallen short of economist expectations, rising to 4.3% in the three months to September, up from 4% in the previous three months. Although Labour campaigned on a platform that promised economic growth, what we have seen so far has not reflected that pitch, and economic uncertainty looks likely to persist following the Chancellor’s Budget and the upcoming Mansion House speech. In light of today’s figures, supporting the jobs market should be front and centre when it comes to driving growth and boosting financial stability.”
