Indeed provided a very insightful presentation this month on the trends they are identifying via their website along with the latest unemployment statistics.
In summary:
- Unemployment rate is still below pre pandemic levels
- Economic inactivity rate is higher than pre pandemic
- Estimated almost 1 million missing from the labour market compared with pre pandemic.
- Third of this figure can be explained by smaller population due to lower net migration from the combination of covid and brexit.
- Two thirds is due to hiring economic inactivity, older people taking early retirement and younger people opting to stay in education longer
- All of the above contribute to hiring challenges at present
- Existing financial cushions
- Caring responsibilities
- People are waiting for better opportunities to appear in the job market
- Hiring rates over the seasonal months is up but searches on indeed on the candidate portion of the website is down
- According to ONS, a record number of job switches took place over Q3 of this year, most of which between lower and medium skilled workers
- Reasons include higher pay, career path change and flexibility
- Rising wages in different industries has a lot to do with the increased rate of job switches in Q3.
The full presentation is available to access via the Indeed website.
