The quarterly funding data from Pitchbook has now been released, and for people in the IT community, it makes grim reading. The deal count in Q3 is down 43% compared to Q2 and deal values have shrunk by an even greater amount. Whilst the VC/PE backed start up community is a small fragment of the UK labour market, funding data is indicative of the wider prevailing economic trends.
Join us for the Q3 Labour Market Update webinar, featuring insights from James Chaplin (Vacancysoft) and Samantha Hurley (APSCo). Discover key recruitment trends, surging industries, in-demand skills, and predictions for future growth in the job market. Don’t miss out!
The return of working from the office, is manifesting, especially in the larger companies, with a combination of carrot and stick now in effect. Refusniks who are successfully negotiating to retain their remote privileges are being told that only people based on site are likely to get bonuses and promotions, whilst others are starting to be counted in and out and disciplined if they are found to be working remotely too often.
With the Labour Party now in power, its policy framework is expected to drive significant changes in the economy and labour market. The construction industry is preparing for a housebuilding effort on a scale not seen in decades. In other sectors, the focus is on how business-friendly the new government will be.
The countdown to the October 30 budget starts now. 3 months into power, and the priorities of this Government are becoming clear. The question is how to pay for these policies the Government want to implement. For context, the inflation busting public sector pay rises have already added 10BN to the budget, and there are likely to be more to follow. Without productivity linked reform, the danger is that this just results in inflationary pressure, at a time when the Government would be wanting interest rates to fall.
