A promising future: The outlook for professional recruiters in Wales
In the ever-evolving landscape of recruitment, professionals in the field must stay ahead of the curve and understand the regional dynamics that shape their industry. In this blog, we will explore the current economic climate, regional employment trends, and notable initiatives that are set to impact the recruitment sector in Wales.
The Welsh Government provides a handy interactive dashboard that shows how Wales performs compared to other UK regions and countries. On many metrics, Wales ranks near the bottom perhaps most notably when it comes to employment. This is backed up by recent figures from the Office for National Statistics (ONS) that put Wales’ employment rate at 71.5 per cent, compared to 72 per cent, 73.5 per cent and 76.3 per cent in Northern Ireland, Scotland and England respectively.
It’s not all doom and gloom though as the same figures showed a decrease in economic inactivity. Indeed, the Welsh economy is growing, and with it, the demand for skilled workers. According to the ONS, the Welsh economy grew by 0.4% in the fourth quarter of 2022, faster than the UK average of 0.3%. Although Wales lags behind the rest of the UK in employment, the ONS also reports that the unemployment rate in Wales fell to 4.4% in the three months to February 2023, the lowest level since 1975. This is good news for job seekers, but it also means that businesses are facing a growing skills shortage.
While traditional industries continue to thrive in Wales, there is a growing focus on emerging sectors that align with global trends and technological advancements. Renewable energy, digital innovation, and creative industries have gained prominence, attracting both domestic and foreign investments. Recruiters with expertise in these sectors can anticipate a surge in demand for specialised skills and play a pivotal role in connecting top talent with forward-thinking organisations.
The Welsh government has been proactive in promoting economic growth and attracting businesses to the region. Various initiatives and investments have been launched to stimulate job creation and encourage industry growth, notably, the Cardiff Capital Region City Deal, Port Talbot Waterfront Enterprise Zone and the Advanced Manufacturing Research Centre. These provide fertile ground for recruiters to tap into emerging employment opportunities.
As Wales continues to forge its path toward economic growth and prosperity, professional recruiters have a promising future ahead. The region's diverse industries, favourable employment rates, government initiatives, and emerging sectors all contribute to a vibrant recruitment landscape.
More detailed data on hiring across Wales will follow towards the end of June and APSCo members will receive this data as part of their membership package. If you’re not a member and would like the opportunity to see the data please fill out the form below: