"Employment Hero, the global authority on employment, recently unveiled its inaugural global Annual Jobs Report, revealing the latest trends in the UK employment sector, with data showing that workers in London feel somewhat resilient in the face of a weak labour market. The October 2024 Budget has had a lasting impact on the UK employment landscape. Negative perceptions of the jobs market are now widespread among London workers, as 42% of those surveyed believe that the labour market is getting worse."
"More positively, however, Employment Hero's latest platform data shows a slight uptick in the employment rate in London over the past year. The region's employment rate for September is up 1.3% compared to August, while over the full year the rate is up 0.3%. At the same time, wage growth in London is up 4.1% compared to August, although this reflects a slight decrease of 0.2% on a year-on-year basis."
"However, despite the challenging market conditions, London workers are less likely to be job-huggers than their regional counterparts. The data shows that 49%, the lowest proportion of all UK regions, are prioritising job security over ambition. This, however, is still a significant proportion and may reflect broader concerns that London workers have around the health of the economy."
London workers report mixed signals: many perceive the labour market worsening while showing resilience and confidence. The October 2024 Budget has had a lasting impact on the UK employment landscape. Forty-two percent of London workers believe the labour market is getting worse, and 51% feel there is too much competition for jobs. Fifty-eight percent are settled in their current role with no intention to move. Employment rate in September rose 1.3% from August and is up 0.3% year-on-year. Wage growth in London increased 4.1% compared to August but declined 0.2% year-on-year. Forty-nine percent prioritise job security; 53% expect to find a job within three months; 73% feel their skills remain valuable.
Read at London Business News | Londonlovesbusiness.com
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