Raising the House
The latest KPMG/REC survey landed last week, and the London cohort is interesting reading. It shows a fast and sharp rise in permanent placements in this the third quarter of 2022. It was cited as the quickest rise since May and above the series trend. It didn’t, however, beat the speed of the rise recorded throughout much of 2021.
Notably the conversion of contractors to permanent staff was linked, by respondents to the survey, to the uplift in permanent vacancies. London showed considerably stronger rate of increase than the UK as a whole.
Severe candidate shortage is still reported widely, which, combined with slower hiring decision has softened the rate of placement growth over the past 16 months. This was also the case for the UK as a whole. Permanent vacancies rose at the slowest pace since the start of the year, albeit one that was still quicker than the UK-wide trend.
Turning to temporary billing, the data shows a sharp and accelerated rise in temporary staff billings across the capital. Reporting the strongest rate of growth since and teetering well above the national average. Remember, this rate slowed to a 12-month low in the previous survey period! The reason being an increased demand for short term workers.
You can sign up for the reports here.