Corriculo - Market Update - July 2023 v4

We canvassed the companies and candidates we work with to get an insight into the current market, as we start a new quarter and move into the second half of the year. Also, with so much being discussed in the media about generative AI, and what it means for the future of work – let alone mankind (!) – we wanted to understand how widespread the current adoption is, within the companies that we work with and represent. If you would like to discuss anything in this report with us further, please get in touch.


Hiring Plans


Percentage of companies looking to hire permanent staff in the next 3 months

April 2023 73%
July 2023 72%

Percentage of companies looking to hire contract staff in the next 3 months

April 2023 13%
July 2023 10%

What seniority levels are you looking to hire?


April 2023

Senior
Mid-Level
Junior/Graduate
All

July 2023

Senior
Mid-Level
Junior/Graduate
All

Market Uncertainty – Redundancy


Following the unexpected news from the Office of National Statistics that the UK unemployment rate has risen slightly from 3.7% to 3.8%, we’ve seen a correspondingly slight increase in uncertainty amongst our clients. Whilst in April, 100% of respondents answered “no” to the question “do you envisage making any redundancies in the next 3 months”, in this survey 1 in 10 are either expecting to, or are unsure.

Do you envisage making any redundancies in the next 3 months?

Yes 4%
No 90%
Unsure 6%

Megan Robertson Corriculo Account Manager

When we surveyed our client base in April, they had no intentions of making any redundancies in the near future. However, three months on, 10% of our clients are now considering making redundancies or are uncertain about their hiring plans. Could this change be linked to the recent increase in the UK unemployment rate, generating uncertainty within businesses to make them re-evaluate their business needs? That being said, it is encouraging to see that while a small number are contemplating redundancies, 72% of clients are still pushing forwards with their growth plans.

Megan Robertson, Manager, Account Management

Megan Robertson Corriculo Account Manager

When we surveyed our client base in April, they had no intentions of making any redundancies in the near future. However, three months on, 10% of our clients are now considering making redundancies or are uncertain about their hiring plans. Could this change be linked to the recent increase in the UK unemployment rate, generating uncertainty within businesses to make them re-evaluate their business needs? That being said, it is encouraging to see that while a small number are contemplating redundancies, 72% of clients are still pushing forwards with their growth plans.

Megan Robertson, Manager, Account Management


We then asked 500 of our candidates the following questions.


Are you planning to change jobs this year?

April 2023

Yes 73%
No 7%
Unsure 20%

July 2023

Yes 48%
No 26%
Unsure 26%

Will you be actively looking for work in the next 3 months?

April 2023

Yes 69%
No 16%
Unsure 15%

July 2023

Yes 46%
No 27%
Unsure 27%

Shanice Peart Corriculo Account Manager

We can see from the results, that the drop in candidates actively looking in the next 3 months from 69% to 46%, represent a 33% reduction of the “active” candidate pool in real terms, which seems to be reflective of the wider economic situation in the UK. With such a high inflation rate, and cost of living, it is understandable that there is a fear of jumping ship and starting something new. I would advise those companies that are currently trying to recruit in this market, to have clear idea of what they are offering, and to look at innovative and exciting ways of demonstrating this to prospective candidates.

Shanice Peart, Account Manager

Shanice Peart Corriculo Account Manager

We can see from the results, that the drop in candidates actively looking in the next 3 months from 69% to 46%, represent a 33% reduction of the “active” candidate pool in real terms, which seems to be reflective of the wider economic situation in the UK. With such a high inflation rate, and cost of living, it is understandable that there is a fear of jumping ship and starting something new. I would advise those companies that are currently trying to recruit in this market, to have clear idea of what they are offering, and to look at innovative and exciting ways of demonstrating this to prospective candidates.

Shanice Peart, Account Manager


Artificial Intelligence


Rapid advances in the development of generative AI, especially large language models (LLMs) underpinning readily-available tools such as ChatGPT, have led to plenty of speculation around the implications for the future of work and employment. Many commentators have suggested that within in a short space of time, individuals – and indeed whole job functions – could be rendered redundant by the technology. We wanted to learn whether the companies that we work with are starting to use generative AI; if so, how, and what they think it might mean for the future of their businesses.

Do you currently use any form of generative AI within your business?

Yes 33%
No 67%

In which area/s of the business?

If yes, what do you use?

If no, is it something that you're

Do you envisage generative AI replacing any person or function within your business in the next 2 years?

Yes 12%
No 88%

Do you envisage generative AI replacing any person or function within your business in the next 5 years?

Yes 30%
No 70%

Graham Bruce Corriculo Director

Given the recent amount of air time and column inches in the media, I was genuinely surprised that two thirds of our respondents are yet to adopt generative AI in any form, and that of those, over half are yet to even investigate it. Of those that are using it, ChatGPT is perhaps unsurprisingly the most popular tool, and it would seem that it’s main use so far is for tasks that could broadly be deemed “administrative”. Certainly, a number of respondents reported that when it came to generating policies or documents, ChatGPT generally provided something that after just a few tweaks was fit for purpose. With that in mind, it is perhaps surprising that only 12% could envisage a person or function being replaced by generative AI in the next couple of years, but perhaps that reflects the fact that over recent years, admin functions have become increasingly “hollowed out” by other technological advancements, as well as cost pressures and outsourcing? It will be interesting to ask these questions again in the future, to see how far – if at all – attitudes and adoption have changed.

Graham Bunce, Director

Graham Bruce Corriculo Director

Given the recent amount of air time and column inches in the media, I was genuinely surprised that two thirds of our respondents are yet to adopt generative AI in any form, and that of those, over half are yet to even investigate it. Of those that are using it, ChatGPT is perhaps unsurprisingly the most popular tool, and it would seem that it’s main use so far is for tasks that could broadly be deemed “administrative”. Certainly, a number of respondents reported that when it came to generating policies or documents, ChatGPT generally provided something that after just a few tweaks was fit for purpose. With that in mind, it is perhaps surprising that only 12% could envisage a person or function being replaced by generative AI in the next couple of years, but perhaps that reflects the fact that over recent years, admin functions have become increasingly “hollowed out” by other technological advancements, as well as cost pressures and outsourcing? It will be interesting to ask these questions again in the future, to see how far – if at all – attitudes and adoption have changed.

Graham Bunce, Director