Professional Recruitment Trends Snapshot

July’s rise in vacancies, both permanent and contract, is a positive turn in light of the current challenges in the market. Continue to use the summer quieter periods to focus on strategic projects, and prepare for what could be a busy few months ahead for the recruitment sector.

While the key metrics of new job postings, CV submissions, and placements have dipped, we’re all aware of the ongoing challenges in the market. Typically, summer has an adverse effect, so let’s focus on what we can control: use this quieter time to work on strategic projects that will pay dividends later in the year.

The numbers from May are showing a slight positive upturn, with permanent placements and sales growing through Q2.

Off the back of a poor month of March for the recruitment market, April seems to have brought a rise in most metrics. Interviews saw a whopping 30% increase in the month of April.

March sees tricky trading conditions persisting. Recruiters are facing the challenge of doing more with less. On a positive note, contract placements have increased by nearly 4% this month. However, permanent placements have slightly declined, possibly due to the early Easter.

The Recruitment Trends Snapshot is based on data supplied by Bullhorn. Year-on-year increases compare February 2023 data with February 2024 data. Month-on-month figures compare February 2024 data with January 2024 data.

As you would expect there has been a noticeable bounce in all month-on-month (January 2024 versus December 2023) metrics. This positive trend, while encouraging, is accompanied by discernible cautionary signals that demand thoughtful consideration. Notably, both permanent and contract vacancies for January 2024 reached their lowest points in recorded data history.

Given the difficult economic climate in 2023, it is not surprising that December saw the lowest monthly job figures for permanent and contract vacancies since data was first collected in 2017. It is concerning that December’s data is worse than even during the height of the pandemic.

The recruitment trends snapshot is based on data supplied by Bullhorn. Year-on-year increases compare November 2022 data with November 2023 data.

The latest data paints a compelling picture of the labour market's resilience. Despite the challenges of the past year, the findings showcase promising trends. The figures underscore the positive momentum in recruitment and hiring activities. While the year-over-year comparisons reveal declines in various metrics, it's important to acknowledge the broader context and the exceptional circumstances that influenced these statistics.

In a market that has weathered the challenges of recent times, this month's report paints a nuanced picture of resilience and adaptability. While the majority of metrics experienced a decline, the steadfast permanence of job vacancies signals hope for the future.

In the backdrop of an uncertain economic landscape, the latest data reveals a mixed bag for the recruitment industry, with most metrics declining both month-on-month and year-on-year. However, the lone ray of hope shines in the form of a 10% upswing in contract placements from August to July 2023.

At first glance the figures do not spell good news for the professional recruitment market with decreases in all but two metrics for month-on-month and year-on-year data. Dive deeper into the data though and there are encouraging signs of growth.

Year-on-year figures underscore the slowdown in the recruitment market, with permanent vacancies and placements down by -19% and -24% respectively from June 2022 to June 2023.

We are still in a tight labour market and recruiters will have to help strike the balance between end hirers who are seeking out high performers on tightened budgets, and candidates who are increasingly becoming self-aware of the power they hold over the recruitment market.

The data suggests that we have shifted from a lack of candidates to a sharp drop in requirements as business confidence falls amid economic uncertainty.

The recruitment trends snapshot is based on data supplied by Bullhorn. Year-on-year increases compare March 2022 data with March 2023 data. Month-on-month figures compare March 2023 data with February 2023 data.

The recruitment trends snapshot is based on data supplied by Bullhorn. Year-on-year increases compare January 2021 data with January 2022 data.

While vacancy levels are following a pattern that we’d expect to see in January, the continued fall in average permanent salaries at a time when household budgets are being stretched is a concern. We can’t ignore the fact that skills shortages are still an issue across the UK, despite the slowdown in activity that we’re seeing.

December has long been a quiter month for recruitment activity. However, while there has certainly been a decline in hiring noted, the broader picture is actually one of stability for the labour market.