Salaries on the increase across the UK, study finds
Got money on the mind when it comes to finding employment? You’re not alone, because a new study has revealed that more than half (58 per cent) of UK professionals say that a good salary is their top career priority.
It was a strong start to the year for both employers and professionals, and it’s clear that businesses were working hard last month to continue attracting talented candidates to their roles.
In fact, according to the latest statistics from independent job site CV-Library, advertised salaries increased by 1.3 per cent year-on-year.
The data, which explored fluctuations in pay, jobs and applications throughout February, reveals that the nation saw a smaller increase in advertised salaries of just 0.5 per cent, when compared with data from January 2018.
However, some of the UK’s key industries witnessed above average salary growth last month, compared to data from January 2018. The top industries for pay hikes include: 1. Hospitality – 6.5%; 2. Marketing – 4.6%; 3. Engineering – 3.6%; 4. Accounting – 2.6%; 5. Manufacturing – 1.3%; 6. IT – 1.3%; 7. Legal – 1.2%; 8. Recruitment – 1.1%; 9. Construction – 1.1%; 10. Catering – 0.5%.
“It’s great to see that salaries are on the rise across the UK, especially given that pay declined in January,” said Lee Biggins of CV-Library.
“It’s particularly positive to see this growth in key industries and cities across the nation, especially in sectors like hospitality, engineering and manufacturing which continue to struggle with impending skills shortages.”
The data reveals that job vacancies were also up last month, rising by 7.7 per cent year-on-year. That said, advertised vacancies were down by 13.3 per cent month-onmonth, as were applications, which saw a decline of 16.1 per cent when compared with January 2018.
Biggins concludes: “It’s positive to see that job vacancies were up year-on-year, as businesses remained confident in February. Despite both vacancies and applications declining month-on-month, this is not cause for concern.
“We typically see jobs and applications soar in January with both employers and job hunters starting the year on a high.”