With vacancies and salaries on the rise, the UK’s job market is flourishing

According to data published by CV-Library, both job vacancies and salaries were on the rise in the UK in the last quarter of 2017.

It was found that advertised pay increased by 2.7% quarter-on-quarter and 1% year-on-year. Compared to the fourth quarter of 2016, advertised vacancies increased by an impressive 12%.

Some of the UK’s top industries saw sharper pay increases when data was compared quarter-on-quarter. Most noticeable were the legal (9.5%), recruitment (7.6%) and education (6.5%) sectors.

When questioned about what has driven salaries to increase, the founder and managing director of CV-Library, Lee Biggins commented:

“Competition for the top candidates is tough and this is reflected in the increase in advertised salaries last quarter. Many companies might be reluctant to loosen the purse strings but it’s clear that offering competitive packages is important right now, especially given that unemployment is at its lowest in 42 years.”

He continued:

“It’s great to see the job market is flourishing. In Q4 of 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 but 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.”

The graduate jobs market is also expected to go from strength-to-strength this year with a predicted increase in vacancies of 11%. The public sector is set to see the biggest boost with a 22% increase in vacancies. IT and utilities firms will also offer plenty of graduate opportunities with vacancies rising by 18% and 13% respectively.

If you’re looking to recruit in 2018, please feel free to contact Choralis and we’ll be more than happy to assist with all your needs.