Blog

26 April 2017
Impressive growth in salaries for first quarter

With the blossom of spring brings the end to the first quarter of the year. The world has seen huge events over the past few months, but despite this, the job market has continued to see impressive growth.  2017 has already been marked by a lot of change in the UK, especially now Brexit negotiations are firmly underway. As such, it is extremely positive to see that the job market has continued to go from strength to strength.

The UK job market sees positive growth with total job applications, vacancies and average salaries rising, according to a recent report from CV-Library, when compared with Q4 2016 and Q1 2016.

In the UK, Bristol (39%), Cardiff (37%) and Birmingham (36.4%) experienced the biggest increase in the number of job applications. In fact, CV-Library’s Q1 job market report, which compared data from Q1 2017 with Q4 2016 and Q1 2016, finds that job applications saw a very impressive quarterly increase of 28.8%. And while this was to be expected, given that January is traditionally one of the busiest times in the recruitment calendar, applications also rose by 3.3% when compared to this time last year, clearly showing that candidate pool is growing despite Brexit looming.

Lee Biggins, Founder and Managing Director of CV-Library, commented on the findings: “It is fantastic to see the UK job market not only holding its own, but also expanding throughout the first quarter of the year.

“It is particularly promising to see a huge number of candidates in the UK actively looking for their next career challenge, and with salaries seeing an impressive rise, the financial benefits of making a career move are clear to see.”

Salaries in telecoms (8.7%), manufacturing (5.5%) and sales (3.4%) sectors reportedly experienced the most growth, with nationwide salaries increasing by 1.3% year-on-year.

Biggins concludes, ‘The first quarter of the year has proved to be a successful time for candidates and companies alike. With a huge number of candidates looking for a new job, businesses should have a very deep talent pool to choose from when it comes to filling a vacancy. Likewise, candidates will reap the benefits of more jobs on offer and very strong advertised salaries, as companies look to ensure they remain competitive.’

In addition to this, total job vacancies have seen similarly encouraging growth, increasing by 14.5% when compared to the last quarter. compared to Q4 2016. This was driven by very strong early year numbers, with many candidates adopting the ‘new year, new me’ mantra in the job hunt. Furthermore, when compared to year-on-year stats, the total number of advertised vacancies in the UK job market rose by 15.4%, highlighting the strong expansion aims of UK businesses, with job hunters more than happy to oblige.

‘2017 will inevitably bring a range of challenges to the job market, with the likes of Brexit, the ‘gig’ economy and worker automation constantly under the spot-light. However, it is very promising to see the core job market strengthening and expanding throughout this period.’

Finally, average salaries also saw promising growth – with increases of 1.3% year-on-year and 2.4% quarter-on-quarter.

With the huge rise in job applications, companies are clearly trying to bring the top talent in to their businesses, with increased pay packets just one of the incentives they seem to be using to try and garner more interest in their job roles.

You can see the full report here.

It is clear that spring has brought about a job hunt for both candidates and employees. If you are looking to make a change in your career, get in touch with us today.

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