It鈥檚 no secret that the North鈥檚 job market has been characterised by caution in recent times. The KPMG and REC 海角视频 Report on Jobs survey has shown businesses pulling back on recruitment activity for the past 21 months, in response to economic uncertainty and increased operating costs. It鈥檚 hardly surprising that they are focusing on managing immediate risks on their balance sheets.

However, as one of the 海角视频鈥檚 economic flagbearers, we need the North West鈥檚 specialist industries 鈥 including financial services, technology and life sciences 鈥 to be operating at full capacity if the private sector is to make the most of government investment and support its much-publicised growth agenda.

So, while the rise in candidate availability makes for an increasingly competitive market, it also represents a rare opportunity for businesses to rethink their hiring strategies and strengthen their workforces with the skills needed to deliver growth in the long term.

Future industries

Indeed, now is the time for businesses to ensure that their talent pipelines are ready to meet the demands of an increasingly digital workplace. From artificial intelligence to automation, technological transformation is redefining what it means to be 鈥渏ob-ready.鈥 As AI is becoming more readily adopted, it鈥檚 clear that the technology needs people to harness it effectively and capitalise on the creative opportunities it brings. Recruiting and building the skills in-house will be critical to staying competitive, and there is currently a major pool of talent waiting to support.

At the other end of the scale when it comes to experience, our region鈥檚 combined authorities are planning to build an employment and skills pipeline that connects businesses with the talent they need 鈥 the Greater Manchester Combined Authority鈥檚 integrated approach to STEM industries is a good example of this. But for this vision to succeed, we need businesses to play their part. Employers with deep roots in the region understand the nuances of the local job market and by collaborating with civic leaders and leveraging their shared insight, they can prime our region for further growth.

A diverse regional economy

There鈥檚 also a social imperative. For too long, the region鈥檚 fastest-growing sectors have recruited from the same pools of talent. The technological changes we are seeing have the potential to remove employment barriers for those in underrepresented communities across the region 鈥 particularly with Mayoral Development Zones and innovation clusters like Atom Valley 鈥 and the success of our cities spreading out into local boroughs.

It's vital that the good work done to improve community outreach isn鈥檛 undone as a response to challenging economic conditions. Through outreach programmes like KPMG鈥檚 Opening Doors to Opportunities as well as external partnerships with UA92 and the Social Mobility Foundation, I鈥檝e seen first-hand how these schemes bring fresh ideas and impetus to an organisation.

Economic growth does not happen overnight; it is the result of consistent and strategic investment in people and skills to support innovative industries. The North West has always been a region of invention. By investing in skills, creating inclusive pathways, and embracing change with intention, businesses can move beyond today鈥檚 headwinds and unlock long-term, sustainable growth.

  • Chris Stott is Manchester office senior partner at KPMG 海角视频