October Labour Market 2023: Sector Response
Labour market continued to cool over the summer – but data quality problems make it harder to make crucial decisions on interest rates and inactivity The…
labour market
Labour Market Information (LMI) is information about what is happening in a labour market. LMI tends to focus on the industries that are growing and declining, the types and levels of jobs are increasing and decreasing and what supply of labour is available – numbers, skill and qualification levels.
Definition: A labour market is the place where workers and employees interact with each other. In this market, employers compete to hire the best, and the workers compete for the best satisfying job.
Every month, ONS releases information and statistics about the labour market.
Recruitment intentions are above pre-pandemic levels and appear to be on an upward trajectory. Almost three-quarters (74%) of employers say they are planning to take on new staff in the next three months. But as expected, recruitment difficulties remain, with 45% saying they have hard-to-fill vacancies.
The most popular response to hiring difficulties has been to raise pay (44%). But employers may be reaching a limit on how much further they can go on pay: only 27% anticipate raising pay in future to address hard-to-fill vacancies. Encouragingly, employers are also looking to other means to tackle staffing challenges: 39% have focused on upskilling more existing staff and 38% have advertised more jobs as flexible. These are vital factors in improving job quality and will be increasingly important for employers as they wrestle with recruitment as well as retention.
Data and Labour Market Insights at the FE Collective
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Standing up for older workers in the North
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September Labour Market 2023: Sector Response
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One Size Does Not Fit All: Elevating Educational Pathways Beyond Degrees
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Stronger August for hiring hints at labour market resilience and possible recovery – REC
The number of new job adverts this August has remained at a robust level each week, suggesting greater confidence among hiring companies than last summer,…
August Labour Market 2023- Sector Response
“Pay growth accelerates to end 18 month wage squeeze – but 15 year stagnation has left average earnings £230 a week lower than their pre-financial…
July Labour Market 2023- Sector Response
“If we want to get inflation down in the long run, we need urgent action to address labour shortages and skills needs” The UK employment…
Top Three Articles in June: Who Will Win?
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