The Managing Director of Reed, Martin Warnes, said yesterday that \”Traditionally, the UK job market is quiet in August. Against this background, the fact that the Reed Job Index has held steady over the holiday season, even though public-sector jobs continue to decline, is quietly encouraging news for the economy as a whole. While the seasonal tourist boom and an unexpected rise in consumer confidence may have helped to fuel record demand for new staff in leisure, tourism and retail, it seems that overall confidence, particularly in the services sector, has been slowly but steadily building over the summer.\”
Job Churn not Job Creation
However, Speaking on Radio 4’s Today programme the Chief Executive of Hays, Alistair Cox, said that \”At the moment most of the demand for jobs is simply organisations replacing employees who\’ve left. So it\’s really about job churn at the moment. Candidates are confident enough to change jobs, but we\’re not seeing new jobs being created as such. That\’s very different to a year ago where, frankly, if people left an organisation, nine times out of 10 they would not be replaced.\”
Mr Cox was speaking on the programme following the disastrous announcement that Hays saw an 80% fall in annual profits, down to £29.7 million. Since the start of the economic crisis many recruitment agencies have seen profits slide significantly however many had reported an improvement recently.
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