Salaries rise in February after January hiring spree
Advertised salaries increased by 1.3% year-on-year in February and job vacancies were up too according to new recruitment data.
The latest statistics from job site CV-Library show that while the month-on-month increase in salaries was a more modest 0.5%, many key sectors witnessed above average salary growth last month compared to January 2018. The top ten sectors for pay hikes are:
- Hospitality (6.5%);
- Marketing (4.6%);
- Engineering (3.6%);
- Accounting (2.6%);
- Manufacturing (1.3%);
- IT (1.3%);
- Legal (1.2%);
- Recruitment (1.1%);
- Construction (1.1%);
- Catering (0.5%).
Many of the UK’s major cities also saw strong month-on-month salary growth. Some of the biggest increases were seen in Hull (7.9%), Sheffield (6.6%), Bristol (4.2%), Portsmouth (2.3%) and London (1.2%).
Lee Biggins, founder and managing director of CV-Library, said: ”It’s great to see that salaries are on the rise across the UK, especially given that pay declined in January. It’s particularly positive to see this growth in key industries and cities across the nation, especially in sectors such as hospitality, engineering and manufacturing which continue to struggle with impending skills shortages.
“It’s clear that businesses are trying to keep the momentum going following the typical January hiring rush and that they’re working hard to keep attracting talented candidates to their vacancies.”
Job vacancies were also up last month, rising by 7.7% year-on-year. However, advertised vacancies were down by 13.3% month-on-month, as were applications, which saw a decline of 16.1% when compared with January 2018.
Biggins added: “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. As such, we expected to see these numbers decline slightly throughout February.”