Aside from topping up our tans and enjoying barbecues in the garden, the unusually warm summer provided another surprising benefit – it boosted the UK’s job market.
It doesn’t happen very often but the UK certainly enjoyed a scorching summer this year. It was in fact so warm that it was the joint hottest on record. Aside from topping up our tans and enjoying barbecues in the garden however, the unusually warm temperatures provided another surprising benefit – it boosted the UK’s job market, and in more ways than one.
The first bit of great news is that data released by online job board, CV-Library shows that job vacancies were up by 11.9% in Q3 of 2018. What’s more, after a decade-long lack of wage growth, salaries also increased by 4.3% in Q3 compared to the same period the year before.
If you’re a candidate looking for a new role, you’ll be pleased to hear that the industries leading the way when it comes to increased salaries include hospitality, catering, accounting, legal and IT.
It’s thought that this is more than likely the result of increased competition for candidates as the UK’s unemployment rate is at its lowest rate since 1975.
A number of sectors also witnessed an increase in candidate registrations. While this could be a result of job losses and big-impact business closures in the retail sector, this is good news for employers who are trying to navigate the ongoing skills shortage. Over the summer, the following industries received the highest number of candidate registrations:
- Finance and Accounting
While it looks like 2018 is going to end on a positive note for the UK’s job sector, separate research published by CV-Library revealed that the year also started on a high. Job vacancies and advertised salaries all increased compared to the end of 2017 and some of the UK’s major cities saw application rates increase significantly.
Leading the way was Edinburgh with a 38.9% increase in applications, Aberdeen with 34.6%, Birmingham (34%) and Liverpool with 30.5% more candidate registrations compared to Q4 in 2017.
Speaking earlier this year, founder and managing director of CV-Library, Lee Biggins, commented:
“It’s positive that salaries saw an increase on the last quarter and this could be a big contributing factor towards the rise in application rates when compared with Q4. With candidates feeling more comfortable about making their next career move, businesses across the nation need to continue to offer competitive packages if they hope to keep the momentum going.”
“It’s great to see that the job market has performed so well in the first quarter, with businesses remaining positive as we move through 2018. It’s clear that this confidence is catching on, with candidate appetite picking back up and job hunters remaining active across many of the nation’s key industries. If you’re looking to expand your workforce, now could be the perfect time to ramp up your recruitment efforts.”
Whether you’re looking for your next role or you need help recruiting top IT talent into your business, please feel free to contact Alpha and one of our experienced consultants will be more than happy to help.