Employment and labour market
Commenting on today’s labour market figures, ONS’s head of labour market statistics David Freeman said:
"With the number of people in work little changed, employment growth has weakened. However, the labour market remains robust, with the number of people working still at historically high levels, unemployment down on the year and a record number of vacancies.
“Meanwhile, earnings have grown faster than prices for several months, especially looking at pay excluding bonuses.”
Phil Coulter, EMEA Head of Technology at Korn Ferry, commented on the latest figures:
“Whilst today’s figures have once again confirmed strong employment growth up and down the country, the challenge still remains competing for the right staff with the right skills to get the job done. The truth is, not all businesses are in the financial position to offer substantial monetary awards to their staff, regardless of their desires. The good news is that, for the most part employees’ expectations have begun to shift. For today’s workforce, money is not necessarily the most effective way of engaging staff with their role, and it needn’t be the most effective way to reward them, either.
“In order to keep abreast of changing expectations, organisations must ensure that they have the pulling power to attract the best. From flexible working schemes for a better work-life balance and increased holiday allowance, to robust career development programmes and creative working environments, employers need to communicate the benefits associated with their brand. Moreover, speed and agility are vital in any kind of competitive market, and this applies to the switched-on, digitally-savvy recruitment marketplace. Having the right recruitment tools and technology in place will make the process efficient and more responsive to the expectations of prospective employees.”