The recruitment industry has been hit hard as businesses freeze their recruitment process once again
Recruiter Michael Page yesterday revealed that the jobs market was stalling in the UK with many companies freezing their recruitment plans whilst the economy is still struggling.
Government spending cuts have triggered state hiring freezes and put the brakes on any progress in the UK, whilst other emerging markets are thriving. Recent Chartered Management Institute (CMI) statistics reveal that 81% of their members believe their headcount will fall or stay the same.
Around 50% of these respondents also commented that their recruitment is currently frozen with 46% believing their hiring budget will shrink over the next six months. Many believe that these figures show us that the labour market could slide back into recession as more workers become unemployed and fewer jobs are available. The Office for National Statistics released the unemployment figures last week showing that graduate unemployment has reached an all time high.
The Recruitment and Employment Confederation (REC) called for “tangible action” by the government to reduce youth unemployment and introduce national insurance contribution holidays for businesses which hire people under a certain age.
Employment minister Chris Grayling commented that "It is clear that we are seeing the effect of the international economic crisis on the UK labour market," the politician said. "Today we are offering more support for jobseekers as sector-based academies come on stream."
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