As we step into the third quarter of 2024, the employment landscape remains dynamic and resilient despite economic fluctuations. The number of active job adverts continues to hover above 1.7 million, reflecting a steady demand for workers. This persistence in hiring activity underscores the determination of employers to invest in their businesses, even as they navigate economic and political uncertainties. Neil Carberry, REC Chief Executive, aptly captures the sentiment: “The number of active job adverts remains above 1.7m which shows steady demand for workers despite slow progress in the wider economy. Employers are intent on hiring and investing in their own business, but are acting more cautiously because of economic and political uncertainty. We expect this to change as inflation stays low and interest rates drop over the summer.”

The beginning of the year saw a notable uptick in recruitment activities. According to Total Jobs, 84% of businesses recruited in Q1 2024, an increase from 78% in both Q4 and Q1 2023. This rise in recruitment efforts highlights the optimism and forward-looking strategies of companies, despite the backdrop of a sluggish economy.

In this Q3 Market Update, we delve into three key areas shaping the Technology and Digital markets. First, we analyze the developments in the Technology and Digital sectors during Q2 and outline our anticipations for Q3. Next, we examine the ongoing skills shortages in these industries, emphasizing the high demand for specialized talent and the challenges businesses face in filling these roles. Finally, we explore the benefits of adopting a skills-based hiring model, offering insights on how this approach can help mitigate talent gaps and enhance recruitment outcomes.

Stay tuned for detailed articles on each of these topics, providing you with the insights and strategies needed to navigate the evolving job market. As always, Maxwell Bond is here to support your recruitment needs and help you secure top-tier talent in the Technology and Digital sectors. Contact us today to learn more about our services and how we can assist you in achieving your hiring goals.