Ryan FowlerThe Recruitment & Employment Confederation (REC) and Lightcast’s latest Labour Market Tracker reports that the UK’s number of active job postings has levelled at approximately 1.8 million as we reach midway through the first quarter of the year. This figure, though robust, marks a slowdown from the trends observed over the past three years.
February 2024 saw the UK with over 1.8 million active job postings, including more than 810,000 new ones. Factors such as continued labour shortages, driven by a reduced active workforce and skill gaps in critical sectors like engineering, alongside rapid shifts in consumer markets, are key contributors to this trend. The total number of job postings mirrors the population of Northern Ireland, presenting a significant achievement during an economic downturn.
REC Chief Executive Neil Carberry provided insight into the current job market dynamics: “It’s clear that the jobs market has slowed with the economy over the past year, and today’s figures reflect that. But the level of hiring activity is more resilient than would be expected at a time like this, driven by the UK’s tight labour supply, and forward-looking indicators of rising business confidence.”
Carberry also highlighted the ongoing challenges in hiring and the importance of strategic recruitment: “For companies, this is a timely reminder that hiring is likely to remain challenging, especially as growth picks up. A strong partnership with professional recruiters, using the principles in the REC’s new Aim Hire guide will be essential.”
He further stressed the need for a government focus on workforce strategy to foster growth and prosperity, pointing out the potential to unlock £39bn of growth annually with the right reforms.
The report also notes regional disparities, with Scotland showing a modest 1.2% growth in active job postings, indicating the need for private sector investment and growth to be a priority for Holyrood this spring.
Job roles such as Authors, Writers and Translators, Window Cleaners, and Fashion Designers saw notable increases in adverts in February 2024. In contrast, roles like Delivery Drivers, Optometrists, and Prison Service Officers experienced significant declines.
Areas like North and North East Lincolnshire, Wakefield, and Hackney and Newham recorded the highest growth in job postings compared to January 2024, while Causeway Coast and Glens, Moray, and Orkney Islands saw the sharpest declines.
