LinkedIn Workforce Report expands to the UK
LinkedIn is expanding the LinkedIn Workforce report, adding the UK as the first national monthly report outside the United States.
The report, based on our US Workforce report, is tailored to the British economic environment and the particular spotlight that the country's economy is under as the preparations for Brexit continue. The UK was a natural next step for the Workforce Report, with a LinkedIn membership of more than 23 million members providing insights drawn from more than 70 percent of the working age population.
The UK Workforce Report shows how much hiring is increasing or decreasing across the UK, its regions, and industries; and where workers are moving to and from.
Our first UK report reveals:
- Hiring rates shrug off Brexit uncertainties. In September and October, the UK hiring rate was very strong, up 15 percent year-on-year (YoY) in September, and up 16 percent YoY in October. This, despite near full employment and the uncertainty of Brexit, shows that companies are hiring more workers — a strong sign of confidence in the future.
- But Brexit did hit the hiring rate in July 2016 hard. This first Linkedin Workforce Report for the UK provides new insight into hiring activity in the aftermath of the Brexit referendum in the summer of 2016. We would normally expect hiring in July to be high, as businesses take on new staff ahead of the August break, new university graduates enter the workforce, and companies make mid-year adjustments. In 2016 that was not the case: hiring fell 4 percent from June to July (seasonally adjusted). This could indicate that companies delayed talent decisions in the immediate aftermath of the referendum.
- London is not over. There has been much discussion about the future of the city’s place as a financial capital and the attractiveness of the UK to international talent, as well as debate about the cost of living and the quality of life the capital offers. However, our data shows that London is a talent magnet for British residents and international migrants alike. London attracts the largest net flow of both domestic and international migration and London’s hiring rate also continues to rise, up 9 percent YoY.
- Ten out of the 12 nations and regions that make up the UK are net importers of international talent. Only Northern Ireland and the North East did not draw more international workers than they lost to overseas.
- Britain's oil sector is showing signs of recovery. The energy and mining sector has seen a marked increase in hiring as the UK’s oil industry begins to recover — evident in a month-on-month (MoM) increase in the hiring rate of 24 percent in October. The hiring rate in October 2017 was 38 percent higher than the year prior.
The UK Workforce report is is a tool that can help policy makers, business and individuals make better economic decisions.
Click here to read our entire report.