KPMG predicts hiring will still continue despite economic slowdown (Liam McBurney/PA)
(Picture: PA Archive)Upbeat London recruiters remain in hiring mode despite the economic slowdown and financial turmoil as the capital’s jobs shortage continues, a new report reveals today.
One in five recruiters think there will be an increase in taking on permanent members of staff over the coming months, twice the number who feel there wil lbe a decrease.
The first London labour market pulse check - compiled by consultants KPMG and the Recruitment and Employment Confederation (REC) - shows the capital’s jobs market “looks set to remain robust in the medium-term, with continued demand for staff to plug gaps in skills shortages.”
Sectors most likely to report an increase in hiring for permanent positions are hospitality (22.8%), health and social care (32.3%), and education (43.4%).
The report comes the days after ONS data showed London unemployment at its lowest on record with just 4% of the workforce looking for jobs.
Kate Shoesmith, deputy chief executive, of REC said: “The London labour market is strong with lots of vacancies, although there has been the inevitable slowdown since the post pandemic rush. And demand to hire both for permanent and temporary roles is still high.
“It is impossible to ignore the recent financial markets turbulence and pressures on inflation and therefore salaries - and returning stability to the markets is where we must now focus.
“To grow, businesses need to hire, and recruitment and growth strategies should be tailored to the region. If done well, the promise of more investment in childcare and devolving skills programmes to local investment zones could unlock growth, and see more people being able to take up the vacancies available.”
Muniya Barua of business group BusinessLDN, said: “If the Government is to avoid a recession, it must now take further action on some of the upfront costs that businesses face, so that this demand for talent can be fulfilled across industry.”
