New starter salaries at a high, signalling perfect time to seek a new role.

New starter salaries at a high, signalling perfect time to seek a new role.

 8 Feb 2018

Permanent placements growth accelerates to fastest since last July 2017.  
Starting salary inflation hits 31-month record amid growing candidate shortages.
Summary: The IHS Markit/REC Report on Jobs – published today – provides the most comprehensive guide to the UK labour market, drawing on original survey data provided by recruitment consultancies.
Overall demand for staff continued to rise sharply in January, despite growth of demand softening to a 13-month low. Notably, both permanent and temporary staff vacancies continued to rise at historically marked rates.
All nine types of permanent jobs monitored by the survey saw improved levels of demand for staff at the start of 2018. IT& Computing led the overall rankings, following closely by Engineering and Accounting/Financial.
Starting salary inflation quickens to 31-month record.
Starting salaries for successful permanent candidates increased at the fastest pace for over two-and-a-half years at the start of 2018. Meanwhile, growth in temp pay eased to the joint-weakest in ten months but remained sharp overall.  
Candidate availability dropped sharply.
The number of candidates available to fulfill permanent and temporary roles continued to contract at historically sharp rates in January. This was despite rates of contraction softening slightly in both cases compared to December.
Kevin Green, REC Chief Executive says:
“We are seeing a continued rise in jobs filled via recruiters as it gets more challenging for businesses to find candidates. The UK has almost full employment and the country is plagued by labour, skills and talent shortages. This increasing competition for good quality staff is driving up starting salaries with employers willing to pay higher wages to attract the right people. So, it’s a good time to move jobs, especially as employers aren’t increasing wages for their existing workforce.
It’s reassuring that demand for permanent staff remains strong despite the economic uncertainties. However, there is a slight slowdown in the growth of temporary placements. This could be an early sign that employers are hesitating. The struggle to find appropriate candidates will get worse. We are therefore asking for a balanced and evidence-based immigration system. Businesses urgently need to invest in the upskilling of their workforce. The government can help by turning the Apprenticeship Levy into a broader training levy. It’s time they put the concerns of UK businesses at the top of their agenda.”
See the full REC press release here… Link
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