Although UK economic growth has stalled in recent years, the labour market has held up like never before.
In previous decades, an economic downturn would be matched with a slump in jobs – creating an increased pool for those still looking to hire and reducing pressure on wage inflation.
However, this downturn is different. Why?
- The labour force is shrinking due to an aging population and lower migration
- Ongoing skills shortages mean demand persistently outstrips supply
- Average employee tenure has decreased disrupting productivity and increasing costs
![](https://www.jsrecruitmentuk.com/wp-content/uploads/Labour-Market-Trends-Infographic-2024.png)
As indicated by the Recruitment and Employment Confederation research, this is resulting in many firms having vacancies that are hard to fill and a quarter of employers anticipate significant problems filling jobs over the coming year.
In this context, having a strong and trusted recruitment partner as a key lever to pull in your talent acquisition and retention strategies can be crucial.
If you’re ready to take a partnership approach to your recruitment, the team at JS Recruitment are here to support you.