Latest news with #JonHolt
The Independent
2 days ago
- Business
- The Independent
More candidates fighting for fewer jobs as businesses ‘hold back on hiring'
A new survey has revealed that the number of candidates available for jobs has increased at the fastest rate in over four years, according to recruiters. The survey, conducted by KPMG and the Recruitment and Employment Confederation (REC), indicated a further reduction in recruitment activity by companies in May. Permanent placements decreased last month, while the availability of candidates increased at the quickest rate in nearly four-and-a-half years. The report, which is based on data from 400 recruitment agencies, cited redundancies and fewer job opportunities as contributing factors. Jon Holt, group chief executive at KPMG, commented on the data: "May's data shows very little change. Employers are still holding back on hiring, which meant last month the number of jobseekers increased at the steepest rate since 2020." 'The first half of this year has been full of uncertainty for businesses who are still trying to navigate cost pressures, technology advancements and global risks.' Neil Carberry, REC chief executive, said: 'More encouraging signs in temp billings, vacancies and stabilising private sector demand offer a measure of optimism as we head into the second half of the year. 'There are early signs of promise, particularly in the Midlands, which saw its first increase in permanent placements in a year and a rise in billings after four months. Meanwhile, the downturn in temporary billings has eased further in London and the north of England. 'With the industrial strategy imminent, businesses are looking for more than talk of renewal, they want a clear plan for an economic revival. 'One that acknowledges the central role of good workforce policy – beyond just employment rights.' The latest data from the Office for National Statistics (ONS) indicated a slowdown in wage growth coupled with a rise in unemployment, signalling a cooling labour market. Average regular earnings growth eased to 5.6 per cent in the three months to March, the lowest since November 2024, according to the statistics body. However, wages continue to outpace inflation, rising 2.6 per cent when adjusted for the Consumer Prices Index. Experts have expressed concern over the figures, with the Resolution Foundation attributing the situation to recent tax policies. Nye Cominetti, Principal Economist at the think tank, said: "While recent UK data on growth has been encouraging, the labour market picture is a major worry." "The recent rise in employer National Insurance may have accelerated this slowdown, with the number of hospitality jobs falling particularly sharply since the tax rise came into effect in April."
Sky News
4 days ago
- Business
- Sky News
KPMG to launch election process for next global chair
KPMG, one of the world's big four accountancy firms, is preparing to kick off a process to select its next global chairman amid growing speculation that its UK chief intends to stand for the role. Sky News has learnt that Jon Holt, who has been chief executive of the professional services giant's UK arm since 2021, is being widely touted by colleagues as a contender to replace Bill Thomas as chair of KPMG Global next year. The formal election process will not get underway until the first half of 2026, according to insiders. Under Mr Holt's stewardship, KPMG's financial performance and governance have been stabilised following a torrid period in which it was hit by multiple fines for audit failings. The most notorious of these related to Carillion, the collapsed construction giant. KPMG has not yet disclosed details of the process of electing Mr Thomas's successor, although the incumbent was chosen by KPMG's global council, which includes representation from all member firms. Previous chairs of KPMG's global network, including the Brit Sir Mike Rake, have combined the role with leading their domestic firm, although it was unclear whether such a dual role would still be seen as viable. In a statement issued to Sky News, a KPMG International spokesperson said: "Bill Thomas's term as KPMG Global chairman and CEO runs to September 30 2026.
Euronews
11-03-2025
- Business
- Euronews
Struggling to find work? UK sees more jobseekers and fewer vacancies
UK firms are reluctant to hire due to subdued growth prospects and rising labour costs, two new studies show. ADVERTISEMENT UK vacancies continued to decline in February as businesses paused or slowed their hiring plans due to a subdued economic outlook and rising payroll costs. According to KPMG and REC's latest job market survey, the number of vacancies fell for the sixteenth month running in February. The report, compiled by S&P Global after surveying around 400 UK recruitment and employment consultancies, showed that permanent vacancies continued to decline at a slightly sharper pace than temporary roles. Permanent staff appointments fell for the twenty-ninth month in a row, yet the latest drop in placements was the softest since last October. 'While it is still a wait and see approach to hiring, with February data showing companies continue to hold back on recruitment, the softer decline could be an indication that expectations of further interest rate cuts and better-than-expected recent economic data are starting to release some of the pressures on business,' Jon Holt, Group Chief Executive and UK Senior Partner KPMG, said. According to the report, vacancies declined the most in permanent positions in secretarial and clerical jobs, followed by executive/professional and retail sectors. Temporary staff openings were also greatly reduced in executive/professional roles, followed by retail and IT & computing. Blue collar positions recorded the softest drop in temporary vacancies. Starting salaries rising slowly While vacancies dropped, redundancies further increased the number of unemployed individuals. February data indicated that the number of candidates searching for both permanent and temporary roles is increasing fast. Slowing employer demand coupled with an increased number of job seekers kept a lid on overall pay pressures. As a result, starting salaries rose at the weakest pace in four years and dipped below average. Pay growth in temporary jobs remained marginal. Unemployment expected to inch higher According to the latest data from ONS, the UK unemployment rate was 4.4% between October and December 2024. However, redundancies are expected to rise further due to a hike in employers' National Insurance contributions and a 6.7% rise in the minimum wage. 'Enabling companies to grow is at the heart of our prosperity – the Chancellor must use the Spring Statement to build their confidence in growth,' Neil Carberry, REC Chief Executive, said. 'At the moment, though, things are still slow as companies hold their breath in the face of significant costs rises from April with changes to National Insurance and the National Living Wage,' he added. ADVERTISEMENT In a separate report, an index from advisory firm BDO showed the business climate is in a state last seen in the aftermath of the Global Financial Crisis (94.30 from 94.72). Due to persistent inflation, weak business sentiment and subdued economic activity, BDO expects the downward trend to persist throughout 2025. That's despite the fact that the Bank of England lowered the key interest rate to 4.5% in February to boost economic growth further. 'Business growth is happening, but it is in a fragile state,'Kaley Crossthwaite, Partner at BDO, said. ADVERTISEMENT 'Cutting interest rates to 4.5% is a step in the right direction, but we know these cuts can take over 18 months to fully impact the economy. Businesses will need continued support in the meantime to address workplace challenges and fully reach their growth potential,' she added.
Yahoo
10-03-2025
- Business
- Yahoo
UK employers slow hiring, pay growth cools, survey shows
By Suban Abdulla LONDON (Reuters) - Britain's jobs market cooled in February as the pace of hiring slowed and starting salaries rose by the least in four years, according to a survey on Monday that underscores firms' concerns about higher employment costs and a soft economy. The Recruitment and Employment Confederation said its measure of growth in starting pay for people hired to permanent roles hit its lowest since February 2021. Appointments to permanent jobs declined for the 29th month in a row, but the drop in hiring was smaller than in January. "While it is still a wait and see approach to hiring ... the softer decline could be an indication that expectations of further interest rate cuts and better than expected recent economic data are starting to release some of the pressures on business," Jon Holt, chief executive of KPMG, which sponsors the survey, said. The number of available candidates for roles rose sharply, similar to in 2024, while the number of vacancies fell for the 16th month in a row. The Bank of England, which is expected to hold interest rates at 4.5% next week, is monitoring wage growth, and expects private-sector pay to slow to around 3.75% in late 2025 from over 6% in the final quarter of last year. A separate survey published on Monday by data provider Incomes Data Research showed that the median pay settlement awarded by major employers in the private sector held at 4.0% in the three months to January. Overall pay settlements, which the BoE views as having a less direct influence on future inflation, fell to 3.5% from 4%. "The whole economy median may rise again by April due to the influence of the forthcoming uplift in the National Living Wage and the uptick in inflation could also play a role," Zoe Woolacott, senior researcher at IDR, said. Britain's minimum wage is due to rise 6.7% in April while inflation rose to a 10-month high of 3% in January and the BoE forecast it will reach 3.7% later this year. IDR's survey was based on 68 awards between November 1, 2024 and January 31, 2025 covering 300,000 employees. The REC/KPMG report covered around 400 companies who were surveyed between February 10 and February 24. Sign in to access your portfolio
Reuters
10-03-2025
- Business
- Reuters
UK employers slow hiring, pay growth cools, survey shows
LONDON, March 10 (Reuters) - Britain's jobs market cooled in February as the pace of hiring slowed and starting salaries rose by the least in four years, according to a survey on Monday that underscores firms' concerns about higher employment costs and a soft economy. The Recruitment and Employment Confederation said its measure of growth in starting pay for people hired to permanent roles hit its lowest since February 2021. Appointments to permanent jobs declined for the 29th month in a row, but the drop in hiring was smaller than in January. "While it is still a wait and see approach to hiring ... the softer decline could be an indication that expectations of further interest rate cuts and better than expected recent economic data are starting to release some of the pressures on business," Jon Holt, chief executive of KPMG, which sponsors the survey, said. The number of available candidates for roles rose sharply, similar to in 2024, while the number of vacancies fell for the 16th month in a row. The Bank of England, which is expected to hold interest rates at 4.5% next week, is monitoring wage growth, and expects private-sector pay to slow to around 3.75% in late 2025 from over 6% in the final quarter of last year. A separate survey published on Monday by data provider Incomes Data Research showed that the median pay settlement awarded by major employers in the private sector held at 4.0% in the three months to January. Overall pay settlements, which the BoE views as having a less direct influence on future inflation, fell to 3.5% from 4%. "The whole economy median may rise again by April due to the influence of the forthcoming uplift in the National Living Wage and the uptick in inflation could also play a role," Zoe Woolacott, senior researcher at IDR, said. Britain's minimum wage is due to rise 6.7% in April while inflation rose to a 10-month high of 3% in January and the BoE forecast it will reach 3.7% later this year. IDR's survey was based on 68 awards between November 1, 2024 and January 31, 2025 covering 300,000 employees. The REC/KPMG report covered around 400 companies who were surveyed between February 10 and February 24.
