ONS data: businesses turning back to permanent hiring, but inactivity rates of 16–24-year-olds concerning

Responding to the latest Labour Market data from the Office for National Statistics, Janine Chidlow, Managing Director at WilsonHCG - leading global talent solutions provider - has warned employers against complacency in their talent attraction and retention strategies:



“There may be continued speculation around the validity and quality of the data being published by the ONS, but they are overall showing a decline in jobs that many businesses and hiring teams are noting. Indeed, our own data (powered by Claro) does show similar trends with job postings decreasing from 791,800 in January 2024 to 719,000 in February 2024, a drop of 9.2%. The average job postings for Q1 2024 so far stand at 755,400, which is lower than both Q4 and Q3 2023 averages, indicating a continued downward trend.”



“However, it’s important to look at the full details to ascertain a more accurate picture of the labour market. According to the ONS, the decline in the employment rate noted in the last quarter has been driven by a fall in part-time workers, while those in full-time work increased on the quarter and the year. This suggests that business confidence has shifted slightly, with employers now investing in increasing their permanent headcount following an increased reliance on temporary resources as economic uncertainty grew towards the end of last year.



“What does remain a concern from the latest statistics is the economic inactivity rates of those aged 16-24 years which is now at the highest levels reported in the last four years. With skills shortages rife – particularly in STEM remits – the UK simply cannot afford to have such a significant level of inactivity from the emerging demographic. More needs to be done to encourage these potential workers into meaningful employment that will add to core skills in the UK, or we could soon face a skills deficit on a more significant scale that will only have a detrimental effect on businesses and the economy.”



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Press contact

Vickie Collinge

vickie@bluesky-pr.com

01582 790705

About WilsonHCG

WilsonHCG is an award-winning, global leader in total talent solutions. Operating as a strategic partner, it helps some of the world’s most admired brands build comprehensive talent functions. With a global presence spanning more than 65 countries and six continents, WilsonHCG provides a full suite of configurable talent services including recruitment process outsourcing (RPO), executive search, contingent talent solutions and talent consulting. TALENT.™ It’s more than a solution, it’s who we are.