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KPMG and REC Report on Jobs: October 2022

KPMG and REC have recently released the October edition of the UK Report on Jobs: National. This report looks at both the positive and negative trends in recruitment for all sectors, including Social Care, and how this relates to the current climate.

Please find below some of the key highlights from the report:

  • Permanent placements fall, temp billings stagnate

  • Further slowdown in vacancy growth

  • Starting salary inflation slips to 18-month low

Commenting on the latest survey results, Claire Warnes, Partner, Skills and Productivity at KPMG UK, said:

“The looming recession is clearly impacting the UK jobs market. Employers’ caution in hiring combined with fewer available candidates has resulted in the number of permanent placements falling for the first time in nearly two years. Now more than ever, it’s essential that we focus on upskilling the workforce to support and boost economic recovery when it comes. The jobs market will bounce back, particularly if we invest in the skills of the workforce"

Neil Carberry, Chief Executive of the REC, said:

“The economic and political uncertainty of September and October has caused employers to become more cautious in their approach to hiring than during the frenzy of earlier in the year. Decision-making timelines

for permanent hires have extended, for instance. But vacancies and pay are still rising, temporary worker demand is high, and permanent hiring has fallen for the first time in almost two years. Activity, overall, is still

well in advance of pre-pandemic levels. We will need to watch how this story develops over months to come, but so far this data suggests heightened employer caution, not a retreat from the market.

“It remains the case that firms in many sectors are struggling to hire, as hours worked remain below their pre pandemic level despite record-low unemployment. We’re looking to the Autumn Statement later this month to help with removing the brakes on growth by reforming the apprenticeship levy to build a more effective skills system, improving support to help people move from inactivity to work, and align other policy areas – like work permits – with a growth strategy.”

Andrew Brindley, Director of AJ Recruitment said:

"With the recent turmoil of the governments mini budget, the following markets melt down and the subsequent Bank of England intervention to stabilise things, it is no surprise that the most recent job numbers have taken a hammering. That said, our sector is the clear leader as you would expect in any downturn as we tend to be more impact in the long-term government strategy, local and national level We have seen that in our business as well with near record demand for support in recent weeks, I feel this will likely continue for the winter months.

With our new Prime Minister freshly moved into Downing Street it will be interesting to see how Rishi’s slow and steady approach to economics works."

This report allows you to benchmark your business against the backdrop of the wider economy. I hope you find it useful to help you measure and understand where Social Care as a sector sits against the wider picture.

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