And while the hike in salaries is positive news for job hunters, it could well be in reaction to a fall in candidate appetite, as applications were down 3% when compared to October 2015The latest data from the UK job site, CV-Library, suggests that business confidence is remaining strong, with UK salaries increasing by 3.2% in October 2016*, when comparing data with the previous month. Further still, certain cities witnessed above average growth in wages during this period, including: Cardiff (14.6%), Edinburgh (7.6%), Liverpool (7%), Portsmouth (6.4%) and Hull (4.6%)**.
And while the hike in salaries is positive news for job hunters, it could well be in reaction to a fall in candidate appetite, as applications were down 3% when compared to October 2015. This is concerning for businesses across the UK, with some of the biggest drops being witnessed in key regions, including Wales (-18.3%), Scotland (-12.2%) the East Midlands (-7.8%) and the South East (-6.4%).
Lee Biggins, founder and managing director of CV-Library, comments:
“It’s clear that widespread skill shortages are pushing up salaries across the UK, which is good news for job hunters looking for a new role in the next few months. But, while businesses are working hard to maintain the resilient job market that has withstood uncertain times, the fact that application figures are down suggests that candidate appetite is taking a major dip. Investments in wages are a good way to attract workers into a company, but clearly should not be the only means used to recruit the very best talent.”
That said, it is positive to note that job vacancies were up by 4.8% during this period (compared with October 2015), with key cities showing standout, above-average growth:
- Southampton – 11.9%
- Manchester 11%
- Edinburgh – 10.8%
- Birmingham – 7.9%
- London – 6.8%
Alongside this, certain sectors witnessed strong job growth, including Catering (29.9%), Manufacturing (27.6%), Automotive (20.7%) and Marketing (12.8%), all outpacing the national average for job growth.
Biggins concludes: “It’s positive to see that certain industries and cities are outperforming the national average, which is good news for workers in these areas. Business confidence is at a tricky time right now: we’re nearing the end of a turbulent year, and there is still a great amount of ambiguity around the status of the labour market. But, with the Chancellor’s first Autumn Statement to be made in a few weeks’ time, it is hoped that this will be a chance to boost business, and consumer confidence, as we continue to navigate through EU negotiations.”
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