Contractor jobs spiked 34 percent between May 2021 and May 2022, while permanent roles increased 25 percent year-on-year.

Month-on-month comparisons also showed an uptick in job numbers between April and May 2022, up 16 percent for permanent and 19 percent for contract roles.

The research by Bullhorn further revealed a 44 percent uptick in the number of permanent placements last month when compared to the same period in 2021.

This increase will have a detrimental impact on already dwindling resources in the UK, with the Office for National Statistics (ONS) revealing that there are now more jobs than people unemployed.

“The UK’s labour market is reaching breaking point and this latest data suggests hiring demand is unlikely to slow anytime soon, which is a concern given the latest OECD forecast,” warns CEO of APSCO, Ann Swain.

 

How can existing talent be retained? 

With over 70 percent of millennials reporting to choose an employer who has a strong environmental agenda, having sustainability principles is a vital way of attracting and retaining new talent.

Just last month, PWC’s latest report finds that one in five people are likely to change jobs this year, with 68 percent of respondents wanting a more fulfilling role.

In addition, more than 10 percent of workers say they’d take a pay cut to work for a company that’s environmentally responsible.

 

Economic forecasts 

“In recent months we’ve seen record breaking vacancy numbers reported by the ONS and the first ever instance where there are more jobs than people out of work. In a post-Brexit and Covid-hit economy, the strength of the labour market will be paramount to the UK’s ability to become and remain a global powerhouse,” says Ms Swain.

“If this is to be achieved, the country’s policy makers need to implement an international approach and bolster global opportunities. This includes creating an attractive entry route into the country for highly skilled self-employed professionals and refocusing international trade deals on skills, the workforce and the mutual recognition of services and professional qualifications as well as tariffs and goods.”

 

Editor at HRreview

Amelia Brand is the Editor for HRreview. With a master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at the University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.