Labour Market Data Analysis August 2021

The most recent ONS data released today shows that the labour market continues to recover in the wake of the coronavirus pandemic. There were an estimated 953,000 job vacancies in May to July 2021, a record high, having grown by 290,000 compared with the previous quarter and 168,000 more than its pre-pandemic level (January to March 2020).

Discussing the latest statistics, Paulo Canoa. Gi Group UK’s CEO said “While this is positive news for candidates looking to start on their career path or change roles as there is a wealth of choice, it presents real challenges for recruiting organisations as demand outstrips supply and they are forced to compete for the best talent.

This issue is highlighted by the growth in average total pay (including bonuses) at 8.8% and regular pay (excluding bonuses) at 7.4% from April to June 2021. Whilst this is in part due to the return of many workers from furlough, we have seen first-hand organisations increasing wages and hourly rates as they battle to attract candidates as the labour shortage continues to grow across all sectors.

Whilst this strategy will help business to recruit in the short term, not every business will be able to follow suit and employer brand and reputation including overall working conditions remains important. Our advice to anyone currently recruiting is to look at how you can enhance your brand reputation and awareness as the war for talent rages on. How is your organisation viewed by potential candidates and what can you do to better attract the best people? Salary is rarely the sole attraction for applicants so show them what else you can offer to give your organisation the best chance of winning that war.“

To read more about the latest labour market data visit https://www.ons.gov.uk/.

About Gi Group

Gi Group is one of the world’s leading companies that provide the best services for the development of the labour market. Gi Group is active in the fields of temporary recruitment, permanent and professional staffing, search and selection, executive search, outsourcing, training, outplacement and HR consultancy. Thanks to our direct presence and strategic partnerships in the UK and in more than 57 countries across Europe, APAC, the Americas and Africa, we can guarantee efficiency and quick response.

We are able to assist all clients and candidates, and we have developed strong expertise in large and multinational organisations, for which we have implemented global solutions through specialist divisions and dedicated local and international teams. Gi group are ranked globally as one of the largest staffing firms by Staffing Industry Analysts, and we are also a global corporate member of the World Employment Confederation (formerly CIETT).

If you are currently looking to recruit or want to learn more about Gi Group’s Workforce Solutions, please email InfoUK@gigroup.com.