If you are thinking about a new job – now is the time to make the move!
The jobs outlook across the UK has been steadily increasing since Covid restrictions started to ease. Each month the number of permanent and temporary vacancies are rising and now we are starting to see the impact that is having on salaries. September saw the fastest rise in starting salaries, so if a new job or change of career is on your mind, now is the time to make that move!
The data seen in September pointed to a further expansion in the number of people placed into permanent jobs. The rate of growth eased only slightly from August’s peak and was the second sharpest since the survey began exactly 24 years ago.
In London, permanent placements weakened in September which has been linked to a shortage in candidates and competition for staff has led to rapid growth in starting salaries – not just in logistics and food processing, but in white-collar professions as well.
Overall demand for workers rose for the eighth month running in September. Although the rate of growth softened further from July’s all-time record, it remained substantial and among the quickest ever recorded by the survey. Permanent staff vacancies rose rapidly at the end of the third quarter as did the demand for temporary staff with demand remaining considerably stronger for private sector roles than public sector vacancies.
Data from the Office for National Statistics (ONS) showed that overall job vacancies across the UK hit a fresh record high in the three months to August. The number of vacancies stood at 1,034,000, up from 959,000 in the preceding three-month period, and marked the first time that vacancies had exceeded 1 million.
the Total Staff Availability Index rose from 23.0 in August to 25.3 in September but remained well below the neutral 50.0 level to signal a further substantial drop in candidate availability. In London, r data indicated another month of vast candidate shortages in the Capital, as the number of people looking for permanent jobs continued to fall sharply. Several areas facing a lack of labour supply include IT and hospitality.
The rate of growth of permanent starting salaries accelerated again in September to hit a new high for the third month in a row. Nearly 57% of hiring managers noted higher pay for new permanent joiners, and greater salaries were frequently attributed to increased competition for workers and efforts to entice applicants. There were also reports of candidates successfully negotiating higher pay as competition for experienced candidates and skills shortages are still hampering business’s hiring needs. Data from the ONS indicated that employee earnings (including bonuses) rose +8.3% on an annual basis in the three months to July 2021 which in real terms translates to the average weekly earnings across the UK increasing by 4.1% year-on-year to £675 in the second quarter of 2021.
If you are thinking about looking for a new job and would like some help or advice, contact our team today