Outlook is positive for north west with new labour market statistics
Commenting on the latest ONS labour market report, Christian Ash, North West Director of Operations at leading specialist recruitment agency Acorn said:
“The latest labour market statistics, just released by the ONS, show that overall UK unemployment stays at its lowest level since 1975, and that employment rate is at its highest since comparable records began in 1971.
“Although unemployment is up by 3,000 in the North West, with the total of those out of work reaching 154,000 and a decline in manufacturing and services output, there is cause for the north to remain optimistic.
“Latest figures from the BDO Optimism Index, showing how firms expect output to develop in the next three to six months, increased to 102.49 in April from 102.26 in March – meaning that businesses are remaining optimistic despite external factors such as the slowing Eurozone, continuing Brexit political uncertainty and compliance costs associated with the incoming General Data Protection Regulation (GDPR) which come into place on May 25. This positivity has likely developed through the strengthening of household finances.
“Other good news for the economy is that wages continue to rise faster than inflation, which may be an indicator that Britain is slowly emerging from its second pay squeeze in a decade.
“But with more people already in work overall, a new challenge is arising for employers. The tightening labour market, coupled with the end of free movement of labour that Brexit implies, is likely to significantly reduce access to skilled and qualified workers.
“This means that employers need to rethink their approach to recruiting. Waiting for candidates to apply is no longer sufficient, they need to motivate them to apply. Today, attracting top talents requires creativity and strategic planning.
“In this competitive environment, using the services of recruitment experts can prove very cost effective. As one of the UK’s leading recruitment agencies, Acorn provides companies in a wide range of sectors with a tailored recruitment solution to meet their needs. We work closely with them to make sure their job opportunities and packages are competitive within their industry and attractive to best professionals in the market.
“By developing long-term, strategic partnerships with our clients, we deliver comprehensive solutions for recruitment that are adapted to the current labour market.”