Employer hiring confidence has grown in almost every sector, rising by eight percentage-points to +29% since last quarter, according to the latest ManpowerGroup Employment Outlook Survey.
The ManpowerGroup Employment Outlook Survey is based on responses from 2,013 UK employers and asks if they intend to hire additional workers, maintain current headcount, or reduce the size of their workforce in the coming quarter (July to September 2023). It is the most comprehensive, forward-looking employment survey of its kind and is used as a key economic indicator by both the Bank of England and UK Government.
The optimistic UK Net Employment Outlook follows a global trend and indicates the country’s businesses are remaining competitive in challenging economic circumstances. The Outlook is only five percentage-points lower than this time last year, when overall jobs vacancies were at record high levels. Despite the positive uplift, many employers are still having great difficulties in sourcing the right talent amidst rising costs.
“The intention to hire remains very positive for most businesses,” says Chris Gray, Director, ManpowerGroup UK. “Especially if you consider how this year began with concerns of a recession, and where we are in terms of inflation and the cost-of-living. We should lean toward the opportunities this positive Outlook indicates, as we’re still seeing concentrated demand in our real-time data for very specific skills across all sectors.”
Gray continues: “The intent to hire is promising in many areas but it comes partly due to the high number of reoccurring unfilled vacancies proving hard to fill due to niche skills scarcity. It also contrasts with the realities that high-volume employers are experiencing where speed to hire is more of a challenge. Ongoing talent supply issues are restricting UK business’ ambitions to grow, aligning what British employers need with the shortage occupation list will bolster our global competitive standing.”
Some industries that have been in the spotlight lately because of mass layoffs, are unexpectedly seeing some of the biggest increases in terms of hiring Outlook. They include Financial and Real Estate which has had a 14% boost on the quarter with the Outlook now at +40%.