Firms warned to double down on retaining skilled staff

Marketing companies have been warned to ensure they keep hold of their skilled staff despite a the bottom falling out of the job market over the past 12 months as firms react to uncertainty in the economy.

That is according to the new report from the job board network, Broadbean Technology, which reveals vacancies fell by 27% in 2023 compared to the previous year, from 1.3 million to 949,000.

However, hiring figures are still above pre-pandemic levels of 826,000 with last year’s decline attributed to wider economic uncertainty.

The fall in vacancy numbers has impacted permanent more than temporary roles but many firms are still seeking resources in a market that continues to be impacted by skills shortages.

The limited supply of talent in a number of sectors, including marketing, combined with the rising costs of living, has meant that employers are increasing salaries, although budget constraints are beginning to counterbalance this growth.

Broadbean Technology managing director Alex Fourlis said: “After the pandemic, we saw many employers rush to expand their workforces which has skewed the data slightly, however, there is no doubt that many businesses are reacting to economic uncertainty by reducing their hiring activity.

“This is hardly surprising; everyone is feeling the pinch and all firms are adapting to higher interest rates and other external pressures.

“However, there are green shoots on the horizon, and with an improving economic climate, we should see the market pick up once again, but those sectors with skills shortages will continue to face difficulties sourcing key experts.

“In the short term, employers also need to focus their attentions on retaining the skills they currently have as we’re already beginning to see an uptick in people looking for new roles.”