Tiger Recruitment’s quarterly market update

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Q4 Hiring Outlook

The latest ONS data (June–August 2023) reveals some remarkable figures in terms of annual pay growth. Regular pay, excluding bonuses, showed an impressive 7.8% annual growth rate, which is consistent with recent trends and stands as one of the highest rates since records began in 2001. When factoring in bonuses, the annual growth in employees’ average total pay reached 8.1% during the same period. Despite the ongoing cost-of-living crisis, the UK has evaded a recession and the market has remained stable. In the last quarter, we have experienced an uptick in hiring requests, particularly for higher paying positions. While the job market has not yet fully recovered to pre-pandemic levels, it is very much moving in the right direction. In another positive sign for the market, our finance and HR verticals continue to report robust employer activity, suggesting a growing demand for professionals in these areas.

While many employers have not seen the same profit highs as last year, they have opted to retain staff and avoid a repeat of the post-pandemic hiring scramble. Despite inflated payroll bills, there is an expectation that, as businesses return to profitability, payroll costs as a percentage of profits will decrease. The end-of-year pay reviews may prove a challenge for employers and lead to an influx of fresh talent entering the market in early 2024.

Hybrid Work

Hybrid working remains the favoured, and most common, mode of working for employees in London and beyond. Nevertheless, some companies have been calling employees back to the office and reducing WFH days, and we’ve observed employers shifting their hybrid working model from three days of in-office work to four. The evolution of this trend will be intriguing to watch, but we encourage businesses to continue offering hybrid working as it remains a powerful tool for attracting and retaining a company’s most valuable asset — its people.

Staying Ahead

While challenges persist, the job market is showing resilience, providing opportunities for employers and jobseekers alike. It’s crucial to remain agile in your hiring, adapt to evolving trends and remain competitive in the pursuit of top talent. We will continue to monitor these developments and keep you informed of any significant changes in the market. To ensure that you’re best placed to attract and retain top talent for 2024, pre-order our 2024 Salary and Benefits Review. This report will provide valuable insights into compensation trends and benchmarks, helping you to make informed hiring decisions. Did you know that AI can elevate HR processes, onboarding, and knowledge management? Our latest roundtable report features actionable insights from HR leaders to equip you with ideas to leverage AI in your organisation. Request a free copy.

Are you hiring or looking for more market insight? Get in touch today.

Author David Morel Tiger Recruitment Team

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