1st June 2017
The combination of high vacancies and low competition for jobs has created an ‘employment paradise’ for jobhunters, according to the latest UK Job Market Report from Adzuna.co.uk.
The number of vacancies across the UK, now stands at its highest level since November 2015, with 1,179,586 openings currently advertised. With just 0.44 job seekers for every vacancy, the current climate is favourable for jobseekers and employees looking to switch roles and explore alternative options within the labour market.
Salaries – now sitting at £32,678 – have also been showing signs of recovery, increasing month-on-month since the start of 2017, which suggests the previous decline in wage growth may have been a temporary lull.
While wage growth is picking up positive momentum, advertised wages still remain behind 2016 levels. Indeed, a third of UK vacancies were impacted by recent increases in National Living Wage when it rose from £7.20 to £7.50 on April 1st. Both Labour and the Conservatives have made pledges to increase the National Minimum Wage in their recently published manifestos. Admin (64%), catering (59%) and customer service (71%) are the sectors that the increase has affected most significantly.
Adzuna research shows that a third of all jobs in the UK are affected by minimum wage rises and almost twice as many North East vacancies (41%) are affected by such changes compared to the capital (22%). Wales (40%), the North West (39%), the East Midlands (39%) and South West England (39%) would also see a significant proportion of vacancies impacted.
At the other end of the scale, there are currently just 7,835 roles advertised on Adzuna offering top-end salaries over £100,000. This represents less than 1% of all vacancies.
Doug Monro, co-founder of Adzuna, says: “With salaries up, vacancies at their highest levels in seven months, and fewer people competing for jobs, it’s an employment paradise for jobseekers. This means less of a strain on disposable incomes as jobseekers and employees have more room to manoeuvre in terms of their purchasing power.
“However, with the General Election fast approaching, improvements in the labour market shouldn’t be taken as given just yet. Despite promising month-on-month wage growth, we still have a way to go to make up lost ground on advertised earnings.”