Advertised vacancies rise 7.2% year-on-year

 

The ongoing search for talented employees has boosted the total UK advertised vacancies by 7.2% in the year to August 2017, according to the latest UK Job Market Report from Adzuna.co.uk.

In August 2016, there were 1,123,365 total advertised vacancies in the UK after the market witnessed a slight post-Brexit dip. A year on, available openings stand at 1,204,579 as the war on talent rages on. Adzuna highlighted that employers remain vigilant to securing the best talent as Britain’s labour market is thriving with unemployment at its lowest level for 40 years, as the latest ONS figures show.

According to a report by the Association of Professional Staffing Companies (APSCo), UK businesses are already finding it increasingly more difficult to recruit skilled staff for professional roles like banking and engineering as a result of a fall in net migration. Therefore, skilled international workers remain key to boosting UK output, as well as filling new roles that will advance the economy and enrich the talent pool at all ends of the skills spectrum.

Adzuna report it’s not only professional roles at risk, with the construction industry also concerned about a potential Brexit-induced skills shortage due to the significant proportion of international workers in the sector.

While advertised vacancies continue to bloom, wages are withering with typical salaries (£31,958) hitting their lowest level since March 2014 as consumer confidence starts to dwindle. Inflation continues to outpace wage growth, but many experts are predicting that the sharp rise caused by the drop in the exchange rate should be followed by a similarly swift readjustment.

Doug Monro, co-founder of Adzuna, explains: “The war on talent has stepped up a notch as the number of vacancies continues to outnumber available candidates. To keep the ratio sustainable, it is crucial the door is held wide open for skilled international workers into the UK to fill these roles and boost UK output. For employers, it is a tough time to fill posts and find the best talent, as sectors such as construction are heavily dependent on international talent.

“While the sun is shining in terms of vacancies, there is a chillier outlook for salaries. Some commentators are predicting that inflation could well fall as quickly as it has risen, but consumers are unlikely to notice the real difference in their wallets until early next year meaning they could have a winter of discontent to battle first. Once inflation does ease and salaries do finally turn the corner, it will feel like an enhanced pay rise."


Thursday, 5 October 2017

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Advertised vacancies rise 7.2% year-on-year