Economic uncertainty is a reality that continues to shape UK hiring strategies. Factors such as inflation, interest rates, an increase in national insurance, and global market volatility require organisations to carefully balance talent needs with financial risk and operational flexibility.
There’s 3 ways we’ve seen the economic impact within our market.
Staffing strategy
Companies are prioritising essential hires and evaluating where the skills gaps are. This has also led to the adoption of an agile workforce to save costs and continuously upskill employees. We’ve seen less companies hiring and more promotions within to support and retain current staff members. There has also been an increase in fixed-term contract positions particularly within people leadership.
Candidate behaviour
Candidates are seeking stability more than ever which means they’re less likely to seek out new roles. As recruiters, headhunting is the way forward for niche talent and it’s become increasingly difficult when the ‘leap of faith’ is seeming a lot scarier with the rising cost of living.
Sector specific
As a recruitment agency which has multiple divisions, we’ve seen hiring vary between industries. We’ve seen a boom in the transformation sector with lots of projects kicking off, but roles within marketing slow. There’s a rise of business development managers as companies are trying to drive revenue, but growth within the lower-level sales positions slow. It truly is sector specific, if you want to find out more about your sector, we’d be happy to send across some market research.
Have you noticed the economic impact on your hiring?
If you want to discuss industry changes and how we can support your company growth, get in touch.
0117 450 7700
