New research from CV-Library reveals which five industries and regions had the biggest advertised salary increases in the last three months of 2016
All entrepreneurs rely on their ability to source talent to ensure their startups succeed. However, recruiting the best candidate for the job isn’t always easy, especially considering that a lot of sectors struggle with skills shortages. So it’s hardly surprising that many businesses have increased their advertised salaries in an attempt to woo the very best.
Having analysed data from the last quarter of 2016, CV-Library, the online jobs portal, has revealed the five regions and industries that bumped the pay cheques of prospective employees considerably in October to December. Comparing the figures with data from 2015, the North West’s advertised salaries rose by 14.2%, Wales by 6.8%, the East Midlands by 3.9%, the North East by 3.5% and Scotland by 2.6%.
The number one sector where candidates could expect the biggest bump in their pay package was revealed to be recruitment, with prospective workers being offered 17.5% more in the last three months of 2016 than they did in the same period in 2016. During the same time, advertised salaries in the legal sector rose by 8.7%. Meanwhile, jobseekers in the hospitality, property and finance sectors saw advertised pay increases of 6.7%,5.7% and 4.8% respectively.
“It’s clear that widespread skill shortages are pushing up salaries across the UK, which is good news for job hunters looking for a new role in the next few months,” said Lee Biggins, founder and managing director of CV-Library. “2016 was a turbulent year for the economy, but the fact that organisations are showing signs of investing in their current and future workforce is a positive indication for the labour market in 2017. We expect to see job and application figures pick up next quarter as business and candidate confidence strengthens.”
While Britain certainly got talent on the entrepreneurial side, the question remains if these pumped-up salaries will help sourcing the best recruits on the employee side too.