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RH Job Confidence Index
With interest remaining on hold, the labour market is forecast to remain tight in 2024 according to the latest Job Confidence Index (JCI) (www.roberthalf.com/gb/en/insights/jobs-confidence-index) from Robert Half (www.roberthalf.co.uk).
Produced in partnership with the Centre for Economics and Business Research (Cebr), the JCI reveals that although pay increases have peaked, more than half of workers in the UK (58.4%) feel confident in their job security for the next six months as the shortage of skilled talent ontinues to grow.
“Our research shows that job and business growth confidence is on the rise regardless of interest rates, and the widespread skills shortages and economic inactivity levels will take much longer to tackle. Employers are less likely to be in the driving seat in 2024 and being agile with their talent strategies and workforce models will be key,” says Matt Weston, Senior Managing Director UK & Ireland, Robert Half.
In his Autumn statement, the Chancellor announced the Back to Work Plan, aiming to support the long-term unemployed get back into employment by focusing on the way people interact with the benefits system. A further £50 million of funding over the next two years was also pledged to increase apprenticeships in growth sectors experiencing skills shortages.
“Although such initiatives are much welcomed, more needs to be done to tackle the widespread systemic skills shortages,” continues Weston. “Accessing the skilled talent businesses need to remain competitive is becoming ever more challenging. Increased post-pandemic economic inactivity, innovation outpacing traditional learning routes, and limited social mobility all have the potential to further weaken the labour market’s ability to match jobs with skilled workers.”
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