Average pay packets £3k higher than 2 years ago
Advertised pay rates have increased by more than £3,000 over the past two years, despite Brexit uncertainty, according to the latest UK Job Market Report from job search engine Adzuna.
April 2019 saw average UK advertised salaries hit £35,722, 0.9% higher than in March (£35,390) and 5.1% up from April 2018 (£33,973), finally outpacing inflation rates of 2%. Compared to the average salary on offer in April 2017 (£32,678), wages have been boosted 9.3%, meaning salaries have increased £3,044 over the last two years.
In a further sign of investment, the last three months have also seen steady growth in the number of advertised jobs on offer. There were 1,129,267 advertised vacancies available in April, up 3.3% compared to March (1,093,054) and 2.8% higher than a year ago (1,098,259).
And in a third piece of good news for jobseekers, competition for jobs has fallen to a record low, with a ratio of 0.21 jobseekers per vacancy in April. This means there are around five times more jobs being advertised than workers looking for new roles, the highest rate recorded since Adzuna began collecting the data seven years ago. Competition for jobs is now significantly lower than the ratio of 0.43 jobseekers per vacancy recorded a year ago, with the talent war showing no signs of letting up.
Salaries for Domestic help workers and Cleaners have seen the biggest surge year-on-year, rising 15.5% to £19,746. This is followed by admin jobs, who have seen average salaries rise 9.2% to £28,975. Hospitality and catering also make notable advances in terms of salaries, with a 9% year-on-year increase to £23,606.
Meanwhile, the employment rate sits at a record high of 76.1%, according to the latest Q1 figures from the ONS. This includes the highest proportion of women in work since records began in 1971, with 71.8% of women between the ages of 16 and 64 in employment. Q1 also recorded a record number of EU nationals employed in the UK workforce, accounting for 2.38m workers, according to the data.
Four of the five biggest improvers by salary were lower earning industries, as annual improvements to the living wage, increasing from £7.83 an hour to £8.21 an hour as of April 2019, helped boost the service sector. Domestic Help & Cleaning jobs saw the largest annual salary increase, rising 15.5% to £19,746 in April. This was followed by Admin jobs (up 9.2% to £28,975) and Hospitality & Catering positions (up 9.0% to £23,606). The Customer Services sector also featured in the top 5 sectors for pay growth, seeing average advertised salaries increase 5.8% to £22,308.
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