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United Kingdom
- Recruitment landscape
- Economic indicators
- Labor market
- Working life
Your global agency guide to...
United Kingdom
The United Kingdom, with a GDP of $3.34 trillion, is the world's 6th largest economy. Its main industries are retail and wholesale, manufacturing, and finance. The UK has a medium-sized working population, and a 4.1% unemployment rate suggests a stable labor market. The recruitment agency presence is moderate.
United Kingdom'S
AGENCY LANDSCAPE
41K
Agencies operating in United Kingdom
A high number of agencies indicates a mature recruitment industry, marked by strong talent demand, established labor laws and economic stability.
15-25%
Typical fee range
Countries with higher fees imply finding talent is harder to find whilst lower fees indicate a high-volume, commoditized market.
United Kingdom'S
FEATURED AGENCIES
CPL UK
The People Network
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United Kingdom'S
GROSS DOMESTIC PRODUCT (GDP) RATING
6
WORLD RANKED
United Kingdom ranks 6th in the world by current economic output
$3.3T
NOMINAL GDP (US$)
GDP reflects the overall size and economic strength of the country’s economy.
2
EMEA RANKED
United Kingdom is the 2nd biggest GDP in EMEA out of 109 countries in the region
GDP GROWTH (%)
The above chart compares how United Kingdom's GDP has grown, compared to the rest of the world and the EMEA region in the last 7 years.
Positive growth indicates an expanding economy, while negative growth or recession signifies economic contraction. Strong growth can encourage hiring, but slower growth might lead to freezes or layoffs, influencing talent sourcing as businesses adapt to changing market conditions and demands.
United Kingdom'S
CURRENCY AND CODE
£
Country currency
GBR
Country ISO code
United Kingdom'S
INFLATION RATE
2.5%
CURRENT RATE
▼4.8% REDUCTION
Inflation represents the rate at which prices rise and purchasing power diminishes. High inflation may prompt employees to seek higher wages, potentially impacting company profitability. This situation could lead to budget constraints or hiring freezes, which might influence talent availability and sourcing strategies.
United Kingdom'S
COST OF LIVING
COST OF LIVING INDEX EXPLAINED
The cost of living has a direct impact on salary expectations and the competitiveness of compensation packages. It can influence the appeal of certain locations-while high-cost areas may attract highly skilled professionals looking for higher salaries, lower-cost areas can appeal to companies looking to minimize salary expenses or candidates seeking a better work-life balance.
United Kingdom'S
LABOUR STATISTICS
67M
POPULATION
With a population of 66,980,000, United Kingdom is a medium sized country by global standards. United Kingdom's youth population is just below the world average, indicating it may face challenges in labor market sustainability over time. The working population in United Kingdom is close to the world average, suggesting a stable labor market that can adequately meet the economy's demands. United Kingdom's elderly population is just above the world average, suggesting a growing dependency ratio, which may strain the labor market.
United Kingdom'S
RELIGION AND ETHNICITY
Religion
In religiously diverse countries, a broad sourcing and engagement approach whilst appealing to inclusive practices resonates with this candidate market. In contrast, in a homogeneous religious environment, understanding dominant cultural norms is often more important when engaging with talent.
Ethnicity
In ethnically diverse countries, there may be a greater variety of candidates with different cultural backgrounds and experiences. Employers may need to focus more on inclusive hiring practices to ensure they attract talent from across different ethnic groups.
United Kingdom'S
UNEMPLOYMENT RATE
4.1%
CURRENT PERCENTAGE
▲0.32% INCREASE
United Kingdom's unemployment rate is healthy, indicating a well functioning labor market with good job opportunities for most people. Between 2022 and 2023, there was a small increase in unemployment, suggesting continued economic stability, with a slight dip in job availability
United Kingdom'S
TOP PERFORMING COMPANIES AND INDUSTRIES
Top performing companies
Compass Group
Tesco
HSBC
Top industries
Finance and insurance
Retail and wholesale
Manufacturing
United Kingdom'S
GENDER DEMOGRAPHICS
RATIO OF MALES TO FEMALES (BY AGE)
LABOUR PARTICIPATION BY GENDER (%)
67
/
58
Male | Female
In United Kingdom there is a low gap in participation rates between males and females, indicating a relatively balanced workforce particpation often reflective of strong gender equality policies or cultural norms supportive of equal gender parity.
United Kingdom'S
WORKING LIFE
$50K
Average gross annual wage (US$)
This figure represents yearly income before taxes. Higher wage countries are above $50,000 USD. Attracting talent in lower-wage markets can be cost-effective; however, offering above-average compensation may be required for in-demand skills.
$4.2K
Average gross monthly wage (US$)
This figure represents monthly income before taxes. Higher-wage countries typically exceed $4,000 USD per month. Attracting talent in lower-wage markets can be cost-effective; however, offering above-average monthly compensation may be necessary for in-demand skills.
United Kingdom'S
WORKING LIFE
8DAYS
Minimum annual holidays
Minimum annual holidays reflect mandated leave. Hiring in countries with high allowances (over 25 days) will require emphasizing work-life balance when recruiting. In countries with fewer holidays (under 15 days), offering additional leave can enhance recruitment and set the organization apart.
40HRS
Average working full time week
Standard work hours are 8 hours/day, 40/week, Monday-Friday. Overtime pay isn't required but the average wage for all hours worked must meet the National Minimum Wage.
United Kingdom'S
TOP BENEFITS
52WEEKS
Maternity leave
UK maternity leave offers 52 weeks, with 39 paid weeks. Paternity leave is 2 paid weeks. Shared parental leave is flexible up to 50 weeks. Statutory pay is increasing in April 2024.
unlimited
Sick leave
Employees have unlimited sick days, with the first 3 days fully paid. Afterwards, they may receive Statutory Sick Pay of up to 109.40 for 28 weeks. From April 6, 2024, this rate increases to 116.75 per week.
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