Why are job vacancies at a record high in the UK?
The most recent data available from Statistica puts current job vacancies at 1.274 million with unemployment at its lowest at 3.9% in January 2022, this is the lowest since records began in 1974. This number has halved since 2011 post the global financial crisis and forecasts remain low for the coming financial year only reaching 4.2% in 2022-23.
There seem to be several obvious factors that have contributed to this perfect storm. Most of the industry bodies would cite Brexit and Covid as the main two but we have also started to feel the impact of long-term sickness and in addition those taking early retirement. These are skilled employees who have taken the option of either full or semi-retirement.
Research conducted by Canada Life has highlighted that 2 in 5 over 55’s have taken early retirement since the start of the pandemic and of those, even with the increasing financial pressures, 4 out of 5 said they have no regrets. These are often highly skilled individuals that the economy will struggle to replace them.
Our team at Axiom are industry specialists, we are placing teams on construction sites within 4 hours’ notice, event security staff required for the weekend across the UK and manufacturing and warehouse staff to meet our client’s requirements. Of course, we understand the jobs market is challenging but we have great connections, and the team are adapting and finding new recruitment solutions.
If you are struggling to fill a vacancy, contact us today to find out how we can support your recruitment plans.