Management jobs are being pulled at their fastest rate since before Covid according to a new survey by the Recruitment and Employment Confederation (REC) and KPMG.
Vacancies for permanent roles dropped at the fastest pace since August 2020 said the survey, with the rise in National Insurance contributions and minimum wages in the recent Budget blamed. Both of these changes kick-in from April
REC's index of advertised roles dropped to 39.3, down from 40.7 in November while permanent placements fell at the fastest pace since August 2023.
Neil Carberry, chief executive of the Confederation, said: “This report emphasises a weak mood in some businesses as they built their budgets for this year, and made changes designed to save on costs after a tough Budget.”
In a separate report by accountancy firm Grant Thornton, more than half (52%) of company respondents said they expect to either reduce hiring, cut jobs or reduce pay rises for their employees in response to the Budget.