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Official jobs figures show ‘cautious optimism’ in the UK labour market, says CIPD

Commenting on official figures out today from the ONS, Gerwyn Davies, Senior Labour Market Analyst for the CIPD, the professional body for HR and people development, said:

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CIPD

"The latest jobs figures paint a picture of cautious optimism in the UK labour market. It’s positive to see such strong quarterly employment growth. However, the record high number of vacancies points to a tightening of the labour market. Employers will increasingly need to review their employment offering to continue to attract applicants. The constraints in labour supply could therefore require a change in recruitment processes and greater investment in the training and upskilling of existing staff to ensure organisations have the skills they need to succeed. This will prove particularly pressing given the fall in net migration from the EU.
 
“With inflation increasing, real wages are struggling to keep up and people will be feeling a squeeze on pay. This is being exacerbated by the fact that employers are proving reluctant to increase wages as a potential response to the tightening labour market, as shown by recent CIPD research.”