UK Recruitment Market Report 2023
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Stay ahead of the curve in the UK recruitment market and future-proof your business with Mintel’s UK Recruitment Market Report 2023. Our full report is packed with consumer-led market intelligence, the latest trends and consumer behaviours affecting your industry, alongside data-driven recommendations. Get a 360° view of the UK recruitment market including market size, share and forecasted growth to help you align your business strategy with your audiences’ needs. Below, we’ve handpicked key insights from the full report.
The market has witnessed two extraordinary years of growth in 2021 and 2022, heavily propelled by the ’great resignation’ trend. This has seen an exodus of UK workers leaving their jobs and moving to another one within a 12-month period, which was initially driven by a desire for a greater sense of ‘purpose’. However, as inflation has spiked, the consequent cost of living crisis has caused workers to seek greater salaries to protect themselves from rising costs.
The UK economy has been held back by an acute skills shortage in certain sectors – particularly in those that require IT and technical skills. These skills shortages are creating an industry-labelled ‘war for talent’ since the shortage of talent available is driving recruiters to innovate and use every initiative possible to secure and consolidate their hold on the scarce amount of talent available. Understand how this development impacts the UK recruitment market and how providers should respond in the full report.
UK workers staying in their current jobs is expected to continue, with ONS data showing vacancies decreasing 11% since mid-2022. Economic stagnation and ‘recession fatigue’ are deterring job movement, while businesses are cutting hiring budgets due to rising costs and dwindling revenues. However, Mintel’s analysis outlines how online business portals and upskilling services may shield some of the UK recruitment market growth, particularly in key sectors like the green economy.
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Hays Talent Networks, Adecco, Page Group, Randstad, Reed.
This report, written by Jack Maskell, a leading analyst, delivers in-depth commentary and analysis to highlight current trends in the UK recruitment market and add expert context to the numbers.
The UK recruitment market has been heavily propelled by the larger trend of the ‘great resignation’. However, this trend is expected to have a reduced impact over 2023 as increased economic volatility is hardening labour movement intentions. Meanwhile, shortages of talent are generating a new highly competitive environment within the recruitment market which is being dubbed as a ‘war for talent’. Companies are seeking the greatest opportunities provided by this through the introduction of data-driven recruitment strategies.”
Jack Maskell
B2B Analyst
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
*databooks not available with UK B2B Industry reports.
Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.