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March REC Job Report

Posted on 12/04/2018 by

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The REC Report on Jobs provides a comprehensive guide to the UK labour market. The March report on jobs highlights a sharp increase in permanent placements as candidate availability continues to decline.

Key points:

  • Permanent placements rise sharply, but temporary billings growth eases to 13-month low
  • Candidate availability declines at softest pace for a year
  • Vacancies increase to weakest extent since December 2016

Permanent placements

After February witnessed a soft rise in permanent placements; March recorded a sharp rise in the rate of permanent placements, however it must be said not to the same extent as January where permanent placements enlarged at the fastest rate since April 2015. As a result, the continuous rise in permanent placement highlights how business confidence is remaining strong. This is backed up by the fact temporary billings continue to rise, even though the growth did ease to a 13-month low.

Demand for Staff

The demand for staff increased at the softest pace for 15-months while job vacancies continued to surge. Candidate availability is remaining to decline; however, March witnessed the rate of deterioration to be at its weakest for over a year due to a quick decline in short-term staff supply meaning the pool of candidates declines while staff vacancies maintains its rate of growth. The issue remains; businesses are struggling to find candidates for their vacancies because of the shortage in candidate availability and ever-increasing job vacancies. As a result, employers are increasing starting salaries to draw candidates away from their current roles into new positions. Growth in salaries for temporary billings especially is accelerating which rose at the quickest rate in six months. With a deteriorating pool of candidates, businesses continue to spend to attract the right candidates for vacancies they desperately need to fill.

Accounting and Finance within the Midlands

The Midlands witnessed the quickest increase in permanent placements for the second month running in comparison to all other regions. However, the rate at which growth occurred was slightly down from February. To lead on, temporary placements in the Midlands was the second quickest increase throughout the UK with a large increase in temporary appointments. The accounting and finance sector registered a marked increase in job vacancies and demand for staff which developed together, highlighting the struggles businesses face when trying to fill their vacancies. More candidates than ever are entering employment so as a result more businesses are looking at other means to keep staff, such as creating a good workplace culture and offering progression within the organisation.

In summary, the report highlights the clear opportunities for candidates looking to move jobs due to the ever-increasing job vacancies as well as rising starting salaries. But, on the other hand, businesses are turning their attentions to retaining their existing workforce because of the challenging conditions the labour market presents. Candidate supply can’t meet demand so engaging with established recruiters provides access to a talent pool that is not widely available. As a result, businesses are making their vacancies as attractive as possible to entice the skills and talent into their business.

Employers are increasingly turning to specialist recruiter Addington Ball to enhance their options, as Addington Ball has an established and highly developed network of financial professionals operating in the Midlands region. If your business is not getting the appropriate calibre of candidate, then call Addington Ball on 01926 290290 for a confidential conversation about your requirements.

Addington Ball is a leading finance recruiter based in the Midlands specialising in the recruitment of finance and accountancy professionals. If you are considering a change of scenery or a fresh challenge, search for your next opportunity via our job search page.