UK job market ‘flourishing at end of 2017’
The UK job market is flourishing, with vacancies and salaries both on the rise, according to data from CV-Library.
In the last quarter of 2017, advertised pay rose by 2.7% quarter-on-quarter and 1% year-on-year. Advertised vacancies increased by 12% when compared with data from Q4 2016.
Lee Biggins, Founder and Managing Director of CV-Library, said increased competition could be behind the salary increases. “Competition for the top candidates is tough, and this is reflected in the increase in advertised salaries last quarter,” he said. “Though many companies might be reluctant to loosen the purse strings, it’s clear that offering competitive packages is important right now, especially given that unemployment is at its lowest in 42 years.
“Despite this, it’s great to see that businesses are remaining active in their recruiting efforts and hoping to encourage job hunters to begin moving around and looking for their next career opportunity.”
Some of the UK’s top industries saw sharper pay increases when comparing data quarter-on-quarter. Most notable were the legal (9.5%), recruitment (7.6%) and education (6.5%) sectors.
“It’s great to see that the job market is flourishing, particularly when compared with data from the same period last year,” added Biggins. “In Q4 2016, the Brexit vote was still raw and very much in the forefront of everyone’s minds. This is not to say that this is no longer the case, as the future of the UK is still very uncertain. However, the increase in advertised jobs suggests that as the dust begins to settle, employers are continuing to invest in their recruitment efforts and are working hard to keep driving the economy forward.”