According to Cozens Mabel’s Procurement and Supply Chain Market Insights for Q4 2023, industry unemployment rates are low as Q4 approaches but the high demand for permanent hires, which has been steady for 18+ months, is starting to slow – especially at the senior end of the market where there are limited open roles for the many strong candidates who are looking to make their next move.
The data shows that job vacancies decreased at a national level but recruitment across permanent roles remained steady across the main sectors.
It also reveals that there has been a big increase in contract to permanent placements (thus reducing contractor volume), which Cozens Mabel suggests could be down to a number of factors, including the benefits (and often reduced risk) of hiring proven talent who have gained important business knowledge during their contract role, while having exposure to key internal and external stakeholders.
On the flip side, there has also been a significant jump in candidates wanting to move from permanent to contracting roles across all levels, in order to advance career prospects, which is typically slow during periods of economic uncertainty. However, candidates are reportedly enjoying higher wages and more senior positions.
Finally, hiring teams are struggling to find suitable procurement and supply chain talent during the hiring process, particularly across junior to mid-level roles, which is exacerbated at a time when low unemployment levels are unprecedented.
