Salaries at offer stage reach 4-year peak, and other findings from the IHSMarkit report on jobs
- by Career Moves Group
- 9 Jan 2019
Candidate shortages within the market has pushed starting salaries to a 53-month record. Leading into economic uncertainty, businesses are experiencing delays in their hiring plans. Creative and innovative salary packages are being build to entice new talent and maintain productivity levels within the recruitment process.
Although companies are experiencing delays in their recruitment process, the London market is undergoing its slowest fall in permanent staff availability for over a year. This decline is cited as a result from the uncertainty following Brexit, with candidates seeking job security and longevity in the coming months.
In particular, businesses are encountering skills shortages in Marketing, Retail, and Personal Assistants in permanent candidates. Despite this reduction of available candidates, the number of vacancies continue to rise, creating a competitive market and highlighting strength in the UK labour market.
Increased competition within the market has sparked salary packages to a four-year peak in the capital. Continued competition has resulted in a marked focus on employee retention and counteroffers being offered, driving pay awarded for permanent members of staff.
Temporary staff availability has decreased in the capital. However, the supply decline has risen to a 26-month high, meaning that businesses are hiring temporary staff with increased ease. As the UK heads towards Brexit, the temporary market is experiencing a high growth of vacancies and subsequent placements.
The temporary market is currently experiencing a 27-month successive pay increase. Over the last 3 months, temporary wages have increased at a steady pace, as competition for scarce and specialist increases, wage inflation has continued.