UK Recruitment Market Report 2023

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.

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Topics Analysed in this Report

• UK recruitment market size and forecast for 2022 and beyond.
• Insights into recruitment market trends, including a focus on how recruiters are benefiting from the ‘great unretirement’ and a closer look at the opportunities of sustainable recruitment.
• Drivers of growth in the UK recruitment market, including the impact of inflation.

UK Recruitment Market Outlook

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.

• UK recruitment market size: The market value reached £141.2 billion in 2022. This growth represents a cumulative £20.1 billion increase on 2019’s value.

Recruitment Market Trends and Innovation Opportunities

The ‘war for talent’ continues

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 job vacancies depreciate

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.

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