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Soaring vacancy rates mean employers need to work on attracting and retaining staff, but this will require a major shift in attitude
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Scooped by Graham Watson |
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This fantastic Observer article compares the impact of coronavirus on the UK labour market with the effect of the Black Death. It essence, it's an extreme example of how markets operate at a time when demand exceeds supply, and as a result many sectors are experiencing labour shortages. As a result, there are record numbers of job vacancies, workers are - relatively-speaking - in a stronger position that they've been for a while and wages are rising but not keeping pace with inflation.
And whilst longer term, there's the expectation that unemployment is going to pick up - it's likely to fall to 3.8% in the first quarter of this year.