Home » Recession? What Recession? The UK Labour Market in February 2023

Recession? What Recession? The UK Labour Market in February 2023

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The UK labor market is in recession. It is difficult to predict exactly what this means (including recent statements in the media that contradict this statement). However, experts predict that in the short term, trust among recruiters will decline. This could mean temporary cuts in training and hiring.

However, the labor market remains in short supply, especially in IT, professional services, technology, engineering, health, social care, and related industries. There are more jobs than people. Even if the economy were to hit a recession, hiring in many sectors is unlikely to drop significantly. I have learned to do only harm.

Small businesses may struggle to compete with salaries offered by college-educated recruiters

Companies that are struggling to hire but can afford to pay more are attracting employees from those that are not. Small and medium-sized enterprises (SMEs) in particular are most likely to struggle in the race for talent, where larger companies can pay more. There may be more incentives to retain staff, such as more flexible working arrangements. In the current economic climate, alumni are well-positioned over non-alumni, and socially and economically advantaged groups are favored.

In IT, 79% work remotely or hybrid. 64% are in professional services and 51% are in education. The future of work remains hybrid.

Charlie says some graduates will be hit harder than others – not necessarily the arts’ “usual suspects” this time around, but the fields most exposed to drastic cuts in spending. Graduates, often engineers or construction graduates.

Good news

  • Recruiters are becoming more and more willing to consider graduates without a 2:1.
  • Despite the recession, equity, diversity and inclusion will remain the focus in 2023. Not only does it help maintain a balanced talent pool, but companies are finding that their current workforce takes diversity seriously. 72% of workers between the ages of 18 and 34 would decline a job offer or leave a company if they did not believe their manager (or potential manager) was supportive.
  • Popular and high-paying positions are hotly contested and posts fill up quickly, as some recruiters are cautious, but they release jobs gradually as finances allow. Recruitment may continue over time.
  • Internships and work experience continue to help differentiate candidates when applying for graduate jobs.

Rebecca Fielding, Founder and MD Glad Consult predicts the following hiring trends in 2023:

  • Recruitment of new graduates hits a ceiling
  • Sectors likely to grow: Utilities, Energy, Defense. Given the recent student protests against fossil fuels, these are difficult areas for colleges to navigate. Medicine, nursing, midwifery and education are also facing substantial shortages.
  • Decline: technology, philanthropy, consulting, hospitality, recruitment, training.
  • After three straight years of nearly 100% online assessments and interviews, some recruiters may return to in-person assessments and final interviews. While virtual assessments have proven to be a more efficient and cost-effective way of doing business and a way to increase candidate equity, leaders and managers are demanding more face-to-face elements. This can lead to no-shows at interviews by students who are unable to afford travel due to the current economic situation. Addressing these potential inequities will require institutional and institutional responses. Recruiters who don’t want to provide virtual opportunities or incur travel expenses for interviews may find themselves accomplishing their own goals in the EDI department.

In conclusion, the hottest topics for many people today are ChatGPT. What impact will it have on the hiring process? How do recruiters respond to application forms filled out by bots? Large recruiters have already deployed plagiarism tools to screen out criminals, so applicants care must be taken to ensure that the content of the submission is genuine. Expect more on this topic as both the opportunities and risks of AI evolve.

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