Introducing the UK Workforce Report

In the months following the Brexit vote, I wrote about our reaction to that decision, and how it made us revisit our company's vision to create economic opportunity for every member of the global workforce. We committed to surface information, gleaned from our platform, about how Brexit was affecting our members, our customers and policy makers -  and to supply them with information to help navigate through a time of expected uncertainty. Today we’re taking the first major step on that journey and publishing our first UK Workforce Report.

When we introduced the US LinkedIn monthly Workforce Report just nine months ago, we had no idea how impactful it would be in such a short space of time. It’s been exciting to take further steps towards the Economic Graph, and see it so warmly welcomed by members, businesses and policy makers, many of whom have asked us when they can see similar insights for their own regions.

Next stop UK

With over 23 million members in the UK, we have access to insights drawn from more than 70% of the working age population. Moreover, the UK is one of the world’s most interesting advanced post-industrial economies, with extremely high take up of e-commerce and social media, combined with the uncertainty we face with the departure from the European Union in 2019.

It’s good news

The UK Workforce Report shows you how much hiring is increasing or decreasing across the UK and within its regions and industries as well as where workers are moving to and from. And it’s showing positive signs. The hiring rate is shrugging off Brexit, with September and October Hiring Rates up 15% and 16% year on year respectively. With an economy at near full employment, productivity growth at a standstill, wages declining, and the phillips curve (the assumed link between inflation and low unemployment) being called into question, the growth in the hiring rate shows that people are working, but they are not staying in the same job.

There’s a number of factors that could be behind that outcome. Optimistically, could people be choosing a shorter commute, better conditions, or a more purposeful company? Or, from a less positive point of view, are underemployment and the growth in contracting driving higher rates of churn?

London remains a talent magnet

London is not ‘over’. Despite all the conversations about the attractiveness of the UK’s capital vis-a-vis Amsterdam, Dublin, Frankfurt and others, our data shows that today London is a talent magnet for British and international migrants alike, but while every other UK region’s inward migration is predominantly from the UK, the capital attracts a majority international group. The city’s hiring rate is a healthy 9% higher year on year, and the UK finance sector at its heart is growing with a nationwide hiring rate 22% up on 2016. Lloyd Blankfein may have tired of London, but there’s still life in the big smoke.

Beyond London, the UK is attracting talent.

Ten out of the twelve nations and regions of the UK are net importers of international talent over the last twelve months. Only Northern Ireland and the North East failed to draw more international workers than they lost workers to overseas. Brexit’s real complications are yet to come, but right now - post referendum - the UK is an attractive destination for international migration.

We hope that the UK Workforce Report will be a useful tool, a second look at the activity across the jobs market, that can help us all understand the events of the months and years ahead. You can find the report here, follow us on Twitter, and follow me on LinkedIn, to stay informed of our latest data and insights. You can also discuss the report on LinkedIn or Twitter with #UKWFR.