Time to focus relentlessly on careers, skills, and future prospects
The start of the New Year brings new opportunities and challenges. For individuals and our national economy, it is a crucial time to focus on…
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.
Instilling belief through creative engagement
Distilling practitioners’ expertise from this year’s ERSA Conference, CEO Elizabeth Taylor reflects on the sector’s skill in helping people tread the right path toward work.…
“Flat” labour market but signs of slowdown may be starting to emerge
Employment, unemployment and economic inactivity all broadly stable, but short-term unemployment and redundancies are highest this year while vacancies starting to fall. With still more…
Self-reported long COVID and labour market outcomes, UK: 2022
Main points from ONS In July 2022, 23.3% of people aged 16 to 64 years with self-reported long COVID (symptoms at least four weeks after…
Planting the seeds for long-term success – UK businesses must prioritise investment in apprenticeships to deliver growth
Despite the uncertain economic outlook and a recent decline in job postings, the total number of job vacancies currently in the UK labour market – 1.2…
Number off work due to long-term ill health tops 2.5 million for first time on record
Unemployment remains at a near all-time low at 3.6% and there are a record number of people on payrolls, today’s figures also show that economic…
By 2035, higher skilled jobs and healthcare roles set to offset the millions of jobs displaced by automation and artificial intelligence
A number of megatrends and events are expected to shape the world of work in the coming decades. These include factors such as Brexit and…
Record lows in unemployment and record highs in long-term sickness poses huge challenge for policymakers
A tight labour market has seen pay growth strengthen and unemployment fall to a near-50-year-low. But the workforce continues to shrink, driven by economic inactivity…
Winning the war of words isn’t enough to deliver growth
REC’s take on the Party Conferences for FE News The atmosphere at the two major political party conferences this Autumn could not have been more…
Social mobility: how can the tech sector support young people?
Compared to other developed countries, the UK has one of the lowest rates of social mobility. While recognising that the reasons behind this stretch beyond…