Oct 24 - If you are a fan of sport and politics, the last 4 months were probably your idea of heaven. Whilst the summer months are typically quieter in the recruitment world, events on this scale undoubtedly intensify the adverse impact on hiring activity. However, the sporting events do bring joy and a welcome lift for many, whilst the political landscape is perhaps best discussed elsewhere. 

Here we discuss the Q3 market and we look ahead to Q4.  We start with the latest KPMG jobs report, which tends to be an accurate reflection of the market.

KPMG’s Report on jobs: published 9^th September 2024.

Key findings

• Steeper fall in permanent placements signalled
• Permanent pay growth weakest in five months
• Candidate availability continues to climb
• Data collected August 12-23

The UK Report on Jobs survey, compiled by S&P Global, signalled a softening of UK labour market conditions during August. Latest data showed that permanent placements continued to fall, and at an accelerated pace, amid reports of reduced demand amongst companies for new staff. Permanent salaries meanwhile continued to rise, but at the weakest pace since March and at a rate well below the survey's historical trend. Concurrently, temp pay increased at the weakest pace for three-and-a-half years.

Despite these disruptions and a cooling of the wider market, we successfully navigated the ‘quiet’ months and completed 6 projects, and we were appointed on 5 new searches. We are delighted to be working with existing and new clients and look forward to continued success in Q4.

Quarter 4. 

The UK business landscape for the fourth quarter of 2024 is expected to be shaped by a mix of recovery and caution. Following a slowdown in Q3 as discussed, our optimistic prediction is that businesses will look to accelerate decision-making and hiring, particularly in sectors such as finance, technology, and professional services.  Employers and job seekers can't continue to look at each other across the gate.  Sooner or later someone has to make the first move.  Whilst the permanent job market remains sluggish, this could be good news for interim and fractional professionals. 

Freshwood

If you are new here, Freshwood focuses on senior to board level finance appointments across most industry sectors, and our coverage is UK wide. Our model is based on the provision of high levels of personal service, based on over 50 years’ experience.  We are fortunate to have some wonderful long-standing relationships with our clients, many of whom started as candidates. And of course we love to make new friends.

If you would like to discuss our services, please contact Phil Grinhaff at phil.grinhaff@freshwoodgroup.com or Fiona Hartfield at fiona.hartfield@freshwoodgroup.com