HR vacancies dropped significantly in the first few months of 2023, suggesting that employers held back on recruitment as economic pressures continued.
According to the Association of Professional Staffing Companies (APSCo), HR job vacancies were down by more than a third (35.2%) in March 2023, compared with the same month a year earlier, with notable reductions in vacancies also seen in January (36.2%), and February (35.4%).
However, the data from job board network Broadbean Technologies showed that the number of HR vacancies has since grown slightly, suggesting that business confidence is beginning to return after a turbulent few months.
HR job vacancies
HR salaries struggle to keep up with inflation
The application per vacancy rate has remained high, according to APSCo, and HR salaries have risen marginally, although growth remains below inflation.
APSCo has urged employers to improve their benefits and other financial perks if they want to retain their top HR talent, if salary increases are not an option.
Ann Swain, global CEO at APSCo, said: “As hiring begins to slow, we are experiencing an expected dip in demand for HR professionals. However, it’s interesting to note that March saw a slight uptick which is perhaps indicative of the confidence boost that the Chancellor’s Budget announcement seemingly initiated across the UK.
“Given the cost-of-living crisis that is still impacting the country, it is disappointing to note that average salaries in the profession have flatlined. This will likely have a longer-term impact on skills retention as staff look to new employment routes to access better pay.”
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Research earlier this year by recruitment firm Reed found that HR salaries rose by just 4.2% in 2022, despite double-digit inflation. Almost two-thirds of HR professionals who were not happy with their salary said this was because it had not kept up with the cost of living.
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