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REC July Job Report

Posted on 28/08/2018 by

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The REC Report on Jobs provides a comprehensive guide to the UK labour market. The July report on jobs highlights how job vacancies are expanding at the fastest rate for eight-months while candidate availably continues to drop.

Key points:

  • Permanent placement growth softens to nine-month low, while temp billings increase at faster pace
  • Staff vacancies expand at quickest rate since last November
  • Decline in candidate availability eases, but remains historically sharp
  • Softer rise in permanent staff appointments...

Permanent Placements

The number of candidates placed into permanent placements continued to rise sharply throughout July, however the rate of expansion softened to the weakest rate for nine-months. On the other hand, temporary billings increased at a faster rate in comparison to June. This proposes business confidence remains strong as more people are in work than ever before. This is supported by the unemployment rate still falling from 4.2%; which is on par with the record set in 1973.

Demand for Staff

The demand for staff further strengthened during July. This is after June witnessed a seven-month high for permanent placements. This is backed up by the fact temporary billings maintained a strong rate during the month of July. To lead on, candidate availability fell noticeably sharp for both permanent placements and temporary billings despite rates of decline easing to the weakest in three months in both cases. The lower candidate availability was cited as the factor hampering growth in staff appointments due to the ever-deteriorating pool of candidates along with job vacancies rise at a quicker pace in comparison to Junes seven-month record. As a result, the issue remains; businesses are struggling to hire from the deteriorating pool of candidates for their vacancies due to the ever-worsening shortage in candidate availability. Therefore, starting salaries witnessed a further steep increase for permanent placements. At the same time, temporary billings rates at a marked rate which was close to April’s two-year record. As a consequence, businesses are offering higher salaries to draw candidates away from their current employers for vacancies which they desperately need to fill, however candidates are said to be looking for more than pay with career progression opportunities a major factor in candidates job search.

Accounting and Finance within the Midlands

The Midlands witnessed the fastest rate expansion with permanent placements in comparison to the UK. Growth of temporary billings also remained strong in line with the national average. To lead on, accounting and finance witnessed permanent placements continuing to increase at a considerably stronger rate throughout July. This is also the case for temporary billings with a sharp increase during July. This goes to prove the demand for staff is stronger than ever because staff vacancies further increased from June. This continues to highlight the issues for businesses because more candidates than ever before are entering employment and with a deteriorating pool of candidates and vacancies ever-increasing, businesses are struggling to hire the skills to enhance their business.

In summary, the report continues to highlight clear opportunities for candidates looking to take their next step in their careers. This is because employers are still increasing starting salaries to attract the right skills and attributes into their business to fill the ever-growing job vacancies. However, candidates want more than starting salaries, with career progression taking a high preference. Therefore, businesses are facing a big challenge in not only recruiting the right candidates but also maintaining their existing workforce because candidate supply can’t meet the demand. So, by 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.