The legacy left after the recent recession appears to be lessening, with the projection being one of more jobs than candidates looking by the end of 2014. The average advertised salary is also on the rise, sparking new hope for those who have been struggling to find work or make ends meet. Here, we look at the facts and what they mean for you.
Higher Salaries and a Closed Divide
Both advertised and actual wages grew for the first time since the recession in August 2013, increasing faster than the rate of inflation. Statistics gathered by Adzuna.co.uk in their UK Job Market Report show the following:
• The average advertised wage rose 1.9%, from £33,873 to £34,463, compared with an inflation rate of 1.5% over the same time scale.
• Wage growth has occurred in every region of the UK, including London where the average wage has risen to £42,321 and advertised salaries have grown 0.6%.
• The construction and manufacturing industries have reported the largest increase in average wage since August 2014.
• For the first time, the gap between the highest earning region (London) and the lowest earning region (Northern Ireland) has closed considerably, with just a £1,718 difference.
More Jobs, Fewer Candidates
Another huge change to this year’s employment market is the increase of positions available. The Adzuna.co.uk report demonstrated that advertised vacancies have soared 30% year-on-year, making a noticeable change to the job forecast over the coming months. Statistics suggest:
• Based on the current forecast, there could be up to one million vacant jobs by the end of 2014, which could mark a huge change to unemployment rates and the number of candidates looking for work.
• The ratio of candidates versus vacant positions also suggests a shift in perspectives on job availability, with job vacancies now outweighing candidates.
• Should the UK's job market continue to grow, 2014 may see more candidates than jobs available, for the first time since the recession.
• Whereas August is usually a month in which employers slow down with hiring new staff, this year has seen massive success in terms of how many positions are available to previously struggling candidates.
It looks as though these statistics are paving the way for a newfound positive view on the employment market as a whole. As the summer ends and we move into the winter months, many could be forgiven for thinking a tough season lies ahead, however these statistics have demonstrated a meaningful shift which could spell out new hope for employers, candidates and the UK economy.
"there could be up to one million vacant jobs by the end of 2014"