UK Companies Hire More Temporary Workers Amid Reigning Uncertainties

British companies increased their hiring of temporary staff amid rising uncertainty due to the ongoing coronavirus pandemic and ahead of the

UK Companies Hire More Temporary Workers Amid Reigning Uncertainties

British companies increased their hiring of temporary staff amid rising uncertainty due to the ongoing coronavirus pandemic and ahead of the end of the Brexit transition period. According to the Recruitment & Employment Confederation (REC), billings from temporary hirings grew for the first time in seven months during August.

The demand for temporary workers rose at the fastest rate seen in newly two years. Meanwhile, the number of available candidates also registered a sharp jump in August – rising at the fastest pace in over 20 years, possibly driven by the increase in layoffs by companies.

The REC also observed a very small increase in the number of billings from the hiring of permanent workers, reflecting a cautious sentiment among businesses. Even though the government has eased lockdown restrictions, companies seem less confident about business conditions amid fears of a resurgence in cases, weak demand and due to Brexit-related uncertainties.

Chief executive at REC, Neil Carberry, remarks, “A return to growth on permanent placements and temporary billings is good news – though it is also expected, given we are comparing activity now with the lockdown. Temporary work is critical in any recovery – businesses turn to temps to help them ramp up and meet demand while the future looks uncertain.”

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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