London – UK Regional Labour Market Trends, July 2024
Post-Election UK Sees Job Vacancies Surge Amid Economic Shift
Key findings include:
- Increase of professional vacancies in London by 9%.
- Sales roles are the fastest growing area, up 24.8%.
- The technology sector shows a surge of 26.7%
- Turner & Townsend lead the way, with nearly 2500 vacancies so far this year.
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With the general election now behind us, the UK economy is showing signs of acceleration. Economists are already revising their forecasts on GDP growth for this year, and the fact that Starmer has won with such a significant mandate means that there is certainty about what lies ahead for business.
What the Labour Party does with corporation tax will be a point of tension, and the proposed changes to employment law will also be a cause of concern, nonetheless, in the first instance, July recorded more vacancies than any other month in 2024. Such was the surge in July that there were more vacancies in the month than in any going back to March 2023. This is according to the latest UK Labour Market Trends report by APSCo and labour market data analytics firm Vacancysoft.
Sales Vacancies Surge 24.8%
The fastest-growing sector for job vacancies has been sales, with a 24.8% increase compared to last year. Sales hiring trends are highly cyclical; companies typically freeze recruitment in downturns and expand during upswings. Marketing has also significantly risen, with vacancies up by 12.5%. Conversely, HR experienced the smallest growth, with only a 1.2% increase in vacancies. Despite IT being the primary hiring focus, vacancy volumes remain unchanged from last year, leading to a decrease in IT’s share of professional vacancies to 24%. This shift occurs against a 9% overall increase in the capital’s monthly average job vacancies compared to 2023.
Technology Shows the Largest Sector Growth
By sector, Technology continues to be the largest in terms of vacancies, and just as importantly, has seen a significant uplift this year compared to last, with volumes increasing by 26.7% last year. Recruitment in Professional Services is also up significantly, with volumes increasing by 20% on last year. Another area which has seen a significant surge though is the Real Estate Industry, up by 17%
Conversely, the Banking sector continues to contract, with a 6.1% decline in vacancies from 2023, reflecting ongoing challenges. This downward trend in banking recruitment shows a 5.1% decrease in vacancies compared to last year.
Turner & Townsend Leads the Way with 2500 Vacancies
Engineering consulting firm Turner & Townsend leads the way with nearly 2,500 vacancies this year, indicating acceleration in the construction industry. JP Morgan is the leading bank recruiting in London, with 996 vacancies, marking a 4.8% increase compared to last year. They are one of five banks in the top twenty organizations recruiting in London.
Additionally, six of the top twenty companies are in the Real Estate & Construction sector, with Jacobs Engineering Group the most active, seeing a 169% increase in vacancies.
In the technology sector, Amazon, which previously led, has seen vacancies fall by 27% this year, reflecting a significant shift in the hiring landscape.
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