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Job Market Recovery Contributes to Inflation & Worker Shortages

When the pandemic first hit, many workers were forced to stay home as we all had to adhere to lockdown restrictions. Companies nationwide paused hiring as they faced economic uncertainty and many people sought government assistance to stay afloat.

This does not constitute advice and advice should be sought in all instances before acting on it.

Pandemic restrictions have finally been lifted, and as summer ends, the jobs market has rebounded dramatically thanks to the influx of people looking for work and the staggering number of roles that need filling.

According to jobs recruiter, Hays, they experienced a surge in available jobs between April and June, indicating that companies are clamouring for workers, making it a “job-seeker’s market.” 

The fact that businesses need to staff up has given workers more bargaining power and the confidence to not settle for less than they think they deserve, often starting bidding wars between companies for their commitment.

What about when furlough ends?

The UK lobby group, Recruitment and Employment, reported that the number of available workers was at its lowest since 1997. Furlough ends on 30 September, and with many workers still on this scheme, most are in no hurry to start a job that is anything less than fulfilling and one where they are compensated well.

What’s expected for the future?

Now that there’s a clear path to recovery, experts wouldn’t be surprised to see profit levels not only getting back to pre-pandemic levels, but exceeding them at a faster rate than they’d previously predicted.

Another issue contributing to the lack of available workers is the pandemic travel restrictions which have meant that immigration has ceased, eliminating a good portion of the labour force that relies on migrant workers.

The pressure on healthcare

In the healthcare sector, they’re in desperate need of qualified workers as current NHS staff including doctors and nurses are still overworked and under pressure to do it all.

If you’re thinking of taking advantage of the job-seeker’s market or if you want to discuss how the state of the economy could affect your finances, get in touch with us today.

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