The latest UK Job Market Report from Adzuna has found that record-low job competition has pushed advertised salaries to a seven-year peak.
February 2019 saw just 0.26 jobseekers per vacancy, falling from a ratio of 0.30 in January and 0.43 a year ago. The research indicated that there are now nearly four times the number of job openings than there are jobseekers to fill the roles, which gives candidates the best odds for finding a job.
Andrew Hunter, Co-Founder of Adzuna said that jobseekers are “holding all the cards in the current jobs climate”. He added:
“With four times the number of vacancies on offer than there are people looking, employers are struggling to fill their openings and are being forced to offer top dollar.
“Advertised salaries have never been higher. Competition for roles has never been lower. This means now is a great time for skilled workers to go ‘all-in’ and push for higher pay.”
Stiff competition for skilled workers
The research found that rife competition for skilled workers helped marketed UK salaries reach a new high of £35,058 in February 2019, which is one per cent higher than the January figure of £34,726 and 4.2% up from a year ago.
Salary hikes in the South West
The study has revealed that the South West is still paving the way for wage hikes with advertised salaries improving 8.9% year-on-year to reach an average in February £33,319.
While London (£42,841) and Northern Ireland (£34,576) are still home to higher wage packets, the research suggested that the South West is fast overtaking the South East in terms of pay cheques.
Hunter added: “The talent war is hottest in the South, where roles are opening up quickly and pay is on the rise. The South West leads the way with advertised wages climbing nearly nine per cent over the last twelve months. But the salary boom isn’t available to everyone with a few areas at risk of being left behind.
“Further North, in cities like Hull and Sunderland, jobseekers still significantly outweigh job openings. This is suppressing pay improvements in these areas, magnifying the North-South divide in the jobs market. Workers suffering may wish to consider moving cities to chase the best pay or upskilling to set themselves apart from the competition.”
Click here to view original source