Your August Earning & Leaning Newsletter -Bridging talent and innovation
In this edition of our newsletter, Pete, our Managing Director, shares his insights on the latest industry trends, company updates, and News
As we reach the mid-year point, it’s crucial to grasp the current state of the UK job market. Despite facing ongoing challenges with the number of vacancies decreasing for the 24th consecutive period, there are still signs of resilience. This month’s figures suggest that while the labour market may be cooling, earnings growth remains robust.
The past month has been eventful! While the Bank of England's interest rate cuts offered some relief, their impact on the economy will take time. A recent survey, conducted before the rate cut, shows a weak labor market as the downturn enters its second year. Despite stable governance and easing inflation, employer confidence to recruit remains low, affecting permanent and temporary hiring. Sectors that are hiring face a skills shortage, driving up pay rates. Permanent staff appointments and temporary billings continued to fall in July, with firms not replacing expired contracts. Although fewer appointments were made, companies raised salaries to attract talent. Temp pay also increased, but at a slower rate. Vacancy numbers declined for the ninth consecutive month, though at a slower pace. The availability of candidates for both permanent and temporary roles rose, driven by increased redundancies and reduced demand.
Recent News
Government and Defence: More than two million workers are set for pay rises- NHS?staff will receive a 5.5% pay hike. Around 1.36million health workers are represented on a huge variety of different salaries. For example, Band 2 roles like nursing assistants and domestic support workers currently earn only a penny above the ￡11.44 hourly minimum wage. Consultants’ basic NHS pay is between ￡93,666 and ￡126,281, with average full-time NHS earnings likely to be around ￡143,100.?
Legal Tech: Baker McKenzie announced that it had appointed Marco Deutsch as its new chief information officer. He succeeds Paul Domnick, who is retiring.
BioTech: Vir Biotechnology will lay off 25% of its workforce, eliminating approximately 140 roles across its operations, the company announced this month The reduction is part of a major shift in its research and development priorities in which the biotech will abandon its work on COVID-19 and influenza, as well as its T-cell-based viral vector platform, instead focusing on its hepatitis B and D programs and moving into the cancer space via a?deal with Sanofi.?
Fintech: What’s next for UK fintech under the new Labour government? The recent UK election and the new Labour government are likely to impact the fintech sector. With the Labour Party now in power, there is a focus on enhancing support for innovation and technology within financial services.
This includes potential increases in funding for fintech startups, improved regulatory frameworks, and initiatives aimed at fostering greater competition in the sector. These changes are expected to drive growth and create new opportunities within fintech, influencing hiring trends and encouraging investment in the industry.
Future Transport: Research by the British Standards Institution (BSI) has revealed that mobility is one of the least prepared sectors to integrate AI. The British Standards Institution has published its International AI Maturity Model, revealing that the mobility sector is one of the least prepared industries to integrate AI technologies.
BSI’s International AI Maturity Model and accompanying Trust in AI report conducted a global analysis to assess 7 sectors on their readiness to adopt AI tools.
The mobility sector came 3rd out of 7 sectors. It scored 2 out of a possible 5, ranking higher than built environment and healthcare but falling behind food, life sciences, technology, and retail
Discover Talent OS
Talent OS from Identifi Global revolutionises how you manage talent by helping you:
Attract - Efficiently source and engage top candidates with AI-driven recruitment tools.
Measure - Use analytics to assess candidate fit and track employee performance.
Develop - Provide personalised training and growth opportunities for ongoing employee development.
Retain - Enhance employee satisfaction with tools for feedback, performance reviews, and recognition.
Contract complete - Comprehensive IR35 training services to help clients understand and navigate IR35 regulations effectively.
“Identifi’s Retain – Recruitment as a Service (RaaS) offering has been instrumental in building? Issured’s approach to talent acquisition.”
Jonathan Empson – CEO of Issured says “At Issured, our mission is not just about delivering services; it’s about empowering organisations to thrive amidst change. Our partnership with Identifi exemplifies this commitment. Together, we’ve embarked on a transformative journey, one that has seen us tackle challenges head-on and emerge stronger and more resilient.
领英推荐
Latest Employment Law Update
As labour set into government, we can expect some significant changes for employment laws.?
Fire & Rehire- The statutory Code of Practice on Dismissal and Re-engagement enters into force.?The statutory?Code of Practice?on dismissal and re-engagement, also known as 'fire and rehire', ?took effect on 18 July 2024
Flexible working-?Flexible working will become the default option for all workers, except where it is not reasonably feasible.
Unfair dismissal rights from day one- The qualifying period for unfair dismissal claims will be abolished, granting employees the right to claim unfair dismissal from the start of their employment
Get ahead, Get certified, Grow your Team and skills, through our Top-Rated training
?Trivia question !
Who is the current secretary of state for business and trade?
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At identifi global, your success is our priority!
At Identifi Global, were all about helping you thrive. Our goal is to connect you with the right opportunities and people develop your potential, and help you reach your career dreams. Whether you want to boost your skills, advance in your career, or find your next big opportunity, we've got your back every step of the way. Let us help you navigate your career journey and unlock your full potential.
Contact us at 01908 886 048 or visit www.identifiglobal.com to learn more.
Warm regards,
Peter Sanders
Managing Director
Identifi Global