Record rise in long-term ill health fuels tightest labour market in at least 50 years
The UK employment rate for May to July 2022 for people aged 16 to 64 years decreased by 0.2 percentage points on the quarter to…
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.
The Road to Recovery: What the new Prime Minister Needs to do
The new Prime Minister needs to prioritise additional help for people on the lowest incomes, a plan to widen participation in the labour market and…
Workers plunged into deepest pay squeeze since the Silver Jubilee
Today (Tuesday 16th August), the Office for National Statistics have published the latest labour market figures. This month’s figures show that real wages have fallen…
Where will all the skilled workers come from?
A labour market crisis The UK has lots and lots (and lots) of jobs, but not enough people with the right skills to fill them.…
Vaughan Gething and Young Person’s Guarantee
As a Welsh Government, we made a commitment that no one would be held back or left behind as a result of the pandemic, in…
Staff recruitment and retention problems are not just affecting training providers, but our whole economy
One of the biggest issues facing the FE sector is the ability to attract and retain the employees that deliver the high-quality training provision learners…
Labour market recovery stalls as wages fail to keep up with inflation
This month’s Official for National Statistics release show signs that the labour market recovery is stalling, with a continued outflow of older workers from the…
ONS Labour Market Figures – 1st time in 50 years: now as many vacancies as there are unemployed people – Sector Reaction
Latest ONS Labour market figures: unemployment dropping to 3.8%. vacancy rate remains high at 1.3 million, and economic inactivity continues to rise to 21.4%. The…
