I've been chatting with many of you about your hiring experiences recently, and thought I'd share what we're seeing in the job market across Dorset, Hampshire and the UK. It's quite a mixed picture right now.
Current market trends
The good news? We've managed to avoid that recession everyone feared. That said, things aren't exactly booming either:
- Job vacancies have fallen for the 31st period in a row (yes, really!)
- Wages are still growing at a healthy 5.9%
- Unemployment remains steady at 4.4%
Some sectors hot, others not
When I speak with clients across different industries, I'm hearing completely different stories:
- Transport, Storage and Construction firms tell me they're still actively hunting for talent
- Hospitality and Healthcare businesses continue to struggle to fill crucial roles
- Retail is seeing loads of applications, but with fewer actual openings
The reality on the ground
After more than 35 years doing this job, I've seen plenty of ups and downs. What's happening now is quite unusual:
- I'm meeting great candidates with impressive track records who've been made redundant
- Some candidates are telling me, 'I'd rather stay put for now, thanks'
- There's often a mismatch between the people available and what businesses currently need
- With higher NI contributions and minimum wage increases, many clients are thinking twice before posting new roles
- The uncertainty around new HR legislation changes has some companies feeling nervous about long-term staffing commitments
The opportunity in the challenge
Despite all this, there are genuine advantages for businesses ready to hire:
- You can now access exceptional talent that would normally be snapped up instantly
- Quality candidates are staying available longer than they typically would
- Companies with a solid reputation, fair pay and genuine development opportunities are still attracting the best people
If you're thinking about recruiting, I'd love to grab a coffee and discuss your specific needs. In my experience, sometimes the trickiest markets create the best opportunities for businesses willing to take decisive action.