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“Top talent remains hard to come by. And despite the marginal, five consecutive quarterly falls we have observed, vacancies continue to be at an all-time high. The lack of skilled workers able to fill job openings continues to fuel wage inflation, with the average regular pay growth for the private sector at 6.9% - the largest increase observed in the private sector outside the pandemic.

Employers have become ever more creative in attracting and retaining staff, not just with remuneration but with well-being packages and increased flexibility. In the deteriorating climate, job security has become increasingly important. It is not surprising that in recent months employment has increased and self-employment has decreased. However, with the number of unemployed per vacancy remaining at 1.0, the war for talent in 2023 will most likely follow a somewhat familiar pattern.” - Matt Weston · Senior Managing Director - UK&I, BeNeLux & UAE at Robert Half.