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Financial News: UK Candidate Availability Falls Sharply In October: Report

UK Candidate Availability Falls Sharply In October: Report On Jobs

11/05/2021 - 05:55:00 (RTTNews)

(RTTNews) - UK candidate availability declined sharply in October, leading to softer rising in hiring activity and a notable increase in pay growth, the latest KPMG and REC, UK Report on Jobs survey showed on Friday.

Permanent placements and temporary billings rose steeply in October but the rates of expansion were the softest seen for six months.

Availability of staff declined at the fifth sharpest pace since the survey began in 1997. Reduced candidate availability was often linked to a combination of high demand for staff, general labor shortages, fewer foreign workers and hesitancy among employees to switch or seek out new roles.

Growth of demand for staff slipped to a five-month low in October, but it remained substantial overall and much quicker than the series average.

A combination of candidate scarcity and robust demand for staff added further upward pressure starting pay growth. Starting salaries as well as temp wages increased at the quickest rates seen in over 24 years of data collection.

"We are starting to see signs that we are moving into a new phase of the recovery, as the initial bounceback in demand starts to ease," Kate Shoesmith, deputy CEO of the REC, said.

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