New research from Reed suggests that the combined impact of artificial intelligence and rising National Insurance costs is contributing to a slowdown in the UK jobs market. The survey claims that 15 percent of employers said the adoption of AI had led them to reduce hiring, while 22 percent cited higher National Insurance contributions as a reason for cutting back. In total, around a fifth of organisations reported putting a freeze on recruitment. The findings coincide with official data from the ONS, which confirms continued weakness in the labour market. According to Reed’s own figures, job postings on its platform were down 18 percent year on year in August, while applications fell by 25 percent despite a modest rise in advertised salaries of 1.4 percent. (more…)

Nearly half of all companies across the UK are scaling back recruitment plans because of the hike in employers’ National Insurance which comes into effect on April 6th, according to a new poll by Reed. The survey found that 46 per cent of firms said that recruitment decisions would be impacted due to the tax increase, with many reporting that they were already not hiring or postponing recruitment. Reed say the findings demonstrate the negative impact the increase in employer’s NI is having on the labour market, which has already seen vacancies fall for a record period. (more…)

The number of UK employers expecting to increase headcount in the next three months has fallen to a record low outside of the pandemic, as they grapple with rising employment costs and growing global uncertainties. This is according to the latest Labour Market Outlook report from the CIPD, which shows that the rate of employers expecting to increase headcount has fallen sharply among large private sector employers, and in retail in particular. In response, the CIPD is urging the government to closely consult with employers and business bodies to limit the potential impact the Employment Rights Bill could have on employer’s hiring plans as businesses face mounting external pressures. (more…)

Two thirds of professionals under the age of 24 claim to have a ‘side hustle’ – with 74 percent stating it is ‘too risky’ to focus on just having one job as they may have done pre-pandemic. In a poll – of 6,000 white-collar professionals – undertaken by recruitment consultancy Robert Walters; 54 percent of young professionals expressed a desire for a ‘portfolio career’ – the concept of monetising your skills in several ways and having multiple income sources, rather than a single job at one company. (more…)