The UK’s employment rate has reached its highest point since comparable records began in 1971, according to official figures.
The Office for National Statistics figures for the quarter January to March 2015, published today, reveal the proportion of people aged 16 to 64 in work was 73.5%, with the number of people in employment reaching 31.1m. Meanwhile, the number of people out of work in the quarter fell to 1.83m, down 35,000 from the previous quarter.
With a more buoyant job market, it will also mean employers will need to redouble their employee retention efforts and companies will need to ensure they double their efforts to retain their people by providing a visible career path and a thought-through and authentic employee value proposition that appeals both to potential new employees and the critical existing employee base.
Although this is a positive strive forward and very positive overall labour market figures, with strong growth in employment and rising wage levels in the private sector especially in construction.
However, the impact on unemployment levels has been almost non-existent, especially for the young, and this could be a warning sign that underlying structural problems are re-emerging.
Therefore an important priority for the new Conservative government must be to ensure that the unemployed are given more effective support to find work.