Savvy job hunters will have the pick of plum roles in banking, insurance and property – as employment experts claim these sectors are set for a hiring spree this year.
The ManpowerGroup quizzed businesses about their plans for the future and revealed that many industries are planning to boost their existing staff and snap up new talent in the coming months.
This demand for staff outstrips supply meaning that prospective employees are firmly in the driving seat when it comes to picking the best job for them – offering a glimmer of hope in the cost-of-living crisis.
The ManpowerGroup Employment Outlook Survey of 2,030 employers, used as a key economic indicator by both the Bank of England and UK Government, has revealed the industries planning to increase headcount in the quarter between July and September.
This insight gives jobseekers the inside track on where their prospects are greatest when casting their employment net and applying for roles.
The national Outlook has reached an all-time high of +35% – a 22-percentage point increase compared to the third quarter of 2021.
Firms in the banking, finance, insurance, and property sectors continue to lead the charge, with hiring intentions of +49%, jumping a healthy 14 percentage points since last quarter.
Businesses in IT and technology remain committed to their recruitment efforts, increasing seven percentage points to +49% in the next three months.
Manufacturing employers are also at the employment forefront, with a hiring intent of +38%, up a whopping 27 percentage points year on year.
Continuing the positive theme, employers in London are the most optimistic this quarter.
Hiring confidence has jumped 10 percentage points since the last quarter, to +41%, fuelled by the positive hiring intent of the banking and finance sector, IT and tech.
Finally, employers in the hospitality sector seem ready for summer, with a drop of nine percentage points to +25%.
With travel and tourism back and fully open for business, employers will be balancing the automation of services and a lower headcount to manage the expected high demand now that travel restrictions have eased.
Chris Gray, UK Director at ManpowerGroup, said: “These record hiring plans demonstrate the continuation of an employment trend that sees businesses keeping their feet firmly on the gas, despite the familiar challenges with the UK labour market.
“Despite a shrinking workforce and with a large proportion of inactive workers, employers are still keen to recruit fresh talent to help deliver their service, and surf the wave of growth as long as possible.
“We are seeing an active labour force confident enough to switch employers in the search for higher salaries, across both permanent and temporary categories.
“This is being driven by the rising cost of living and the need to chase higher wages to combat a dwindling disposable income.
“Demand for staff still outstrips supply, so the choice for candidates remains plentiful.
“On the other hand, we see businesses work hard to bring in new talent but struggle to retain existing employees.
“Companies find themselves caught between a rock and hard place, in an effort to strike a balance between hiring new talent and being mindful of the needs and pressures felt by their existing employees.”