In the wake of the COVID-19 pandemic, the United Kingdom experienced a job market that appeared to be thriving, with employers scrambling to fill positions amid the so-called 'jobs boom'.
Fast forward to today, and the landscape has shifted dramatically. Recent research conducted by the British Chambers of Commerce (BCC) and advisory group BDO paints a picture seemingly full of challenges and contradictions in the UK talent market.
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According to the BCC's survey of nearly 5,000 companies, 73% of them reported difficulties in hiring during the July to September quarter. While this figure remains alarmingly high, it represents a nine per cent drop from the record high of 82% observed in the final quarter of 2022.
Despite this slight improvement, tensions in the talent market are far from resolved.
The hospitality sector is seemingly taking the brunt of recruitment challenges, with 79% of businesses in the industry grappling with hiring difficulties. Construction and manufacturing closely follow, both recording recruitment woes at 78%. These industries, crucial to the UK's economic growth, continue to face the strain of labour shortages.
According to the BCC's survey of nearly 5,000 companies, 73% of them reported difficulties in hiring during the July to September quarter.
Yet the BDO's monthly employment index reveals a clear trend - hiring intentions in the UK are diminishing.