Recruitment challenges continue despite decline in vacancies – Chamber
Businesses are still struggling to recruit the right talent to fill roles despite new figures revealing job vacancies declined for a 20th consecutive quarter, business leaders said today.
National figures released by the Office for National Statistics revealed the number of estimated vacances fell by 43,000 to 908,000 in the December 2023 to February 2024 period.
However, business leaders warned vacancy numbers remain above pre-pandemic levels.
Due to changes with the Labour Force survey, the ONS were unable to publish regional labour market figures for this quarter.
The national picture revealed the UK employment was 75 per cent in the November 2023 to January 2024 period, below estimates of a year ago and down in the latest quarter.
Meanwhile, the national unemployment rate (for those aged 16 years and over) was estimated at 3.9 per cent in the same period, above estimates of a year ago but largely unchanged on from the last quarter.
Annual growth in total earnings (including bonuses) in Great Britain was 5.6 per cent in November 2023 to January 2024, and annual growth in employees' average regular earnings (excluding bonuses) was 6.1 per cent.
Annual growth in real terms - adjusted for inflation using the Consumer Prices Index including owner occupiers' housing costs (CPIH) - for total pay rose on the year by 1.4 per cent in November 2023 to January 2024, and for regular pay rose on the year by 1.8 per cent.
Emily Stubbs (pictured), senior policy and projects manager at Greater Birmingham Chambers of Commerce, said: “It’s disappointing that following recent challenges with the Labour Force Survey, the ONS have unfortunately had further issues delaying the publication of regional data.
“National figures suggest that labour market pressures are continuing to gradually ease, but vacancies, despite now declining for 20 consecutive quarters, remain above pre-Covid levels, reflecting the ongoing challenges many employers are facing recruiting talent.
“A few of the measures announced in last week’s Budget may go some way to help address these labour market gaps - particularly additional support around childcare measures – however, they are ultimately unlikely to make much of a dent in the mounting cost pressures faced by local firms.
“With these difficulties in mind, the Chamber’s Growth Through People Conference next week will be sharing best practice approaches, tools and techniques to ensure local leaders and managers are fully enabled to attract new talent and get the most out of their existing workforces.”
Find out more about the Growth Through People Conference and register your free place.
