Anna Purchas, London Office Senior Partner at KPMG UK, stated, "London's businesses are making a frugal start to the new year; December saw permanent placements fall for the fifth month in a row due to higher tax considerations and pay pressures. However, there's a slight easing in job opening declines, indicating potential recovery. Training to address skills gaps in sectors like healthcare and engineering will be crucial for future hiring."
The continued downturn observed in hiring signals a critical point where redundancies are increasing and businesses face challenges in finding candidates with the right skills. Despite a surplus of job seekers, salary inflation is on the rise, showing a paradox in the job market where candidates in-demand are still being offered higher pay as businesses strive to attract the right talent.
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