Businesses unable to maximise trade this Christmas as vacancies run high – REC

Businesses unable to maximise trade this Christmas as vacancies run high – REC 

• The number of active postings in the week of 27 November – 3 December 2023 was 1,438,099, 7.7% higher than the previous week (20-26 November 2023), but 8.6% lower than the comparable week in the previous year (28 November – 4 December 2022).

• There were 186,329 new job postings in the week of 27 November – 3 December 2023 – 15.8% higher than the week before (20-26 November 2023), but 2.6% lower than the year before (28 November – 4 December 2022).

• Notable increases in adverts for physiotherapists (+21.1), midwives (+19.8) and occupational therapists (+18.8). 

• No region saw a decline in new job adverts in the week of 27 November – 3 December 2023 as compared to the previous week (20-26 November 2023).

There are more than 1.4 million active job postings that need filling across the country, according to the Recruitment & Employment Confederation (REC) and Lightcast’s latest Labour Market Tracker.

Vacancy levels remained high, suggesting that demand is not slowing despite a sluggish at best economy. It also suggests that many businesses will be left frustrated at not having enough staff to maximise revenue this Christmas. The NHS will have to manage its workforce exceptionally well to overcome labour and skills shortages this winter.

REC Chief Executive Neil Carberry said:

“While the jobs market has slowed across 2023, today’s data emphasises again that activity levels on hiring are still high by historical standards. In particular, the slower economy this year has not reduced hiring as much as it would have in previous cycles due to low labour supply and skills shortages. This is a particular challenge for sectors that have been struggling to hire, from hospitality and engineering to health and social care. Today, we report on a combined near 70,000 vacancies for health and care workers as the NHS braces for a peak winter period.”

Neil Carberry added: 

“Christmas is a time when many businesses make enough to keep them going for a large chunk of the new year. And although we have seen a rise in confidence among employers to invest and hire, that has not yet fed through into getting the tills ringing. This challenge is a worked example of the real risk of politicians not putting growth top of their Christmas list – without the right people, the economy is constrained, taxes remain high and public spending is lower, and we generate more inflation domestically. If politicians really want to wish business a happy New Year, they will put skills reform, a more sensible debate on immigration for work and its impact on growth, and an industrial strategy under the tree this Christmas.”