The latest economic data from job site CV-Library is certainly positive for limited company contractors, despite the ongoing uncertainly around Brexit. Job opportunities and pay rates have increased across the UK, over the last 12 months, showing overall growth of 7.6% in new roles becoming available.
Looking at specific sectors also, opportunities in the manufacturing industry grew by 36% in the last year, followed by 20.8% growth in the charity sector, and a 19% increase for the design industry. And when it comes to geographical location, Portsmouth showed the highest demand for new recruits, with 21.9% more opportunities year on year – followed by Glasgow at 20.8%, Manchester at 11.6%, Birmingham at 10.6%, Sheffield at 10.2%, Hull and Cardiff at 9.5% and Southampton at 9.3%.
This new research also demonstrated that the average salary has risen since this time last year – up 1.9% on February 2016. A figure which is just a little above the 1.8% national rate of inflation. Interestingly though, these figures and much higher in key industry sectors. Top of the list was the automotive industry, with a wage increase of 9.1%, followed by property at 8.7%, and manufacturing with 7.7% higher pay rates than this time last year.
The CV-Library report also looked at average remuneration growth on a geographical basis – with Brighton coming out top at 9.9%. This was followed swiftly by Edinburgh at 9.5%, Hull at 8.6% and Bristol also at 8.6% – so it’s looking good whether you work in the North or the South. Manchester and Liverpool salaries are also faring well, at 6.8% and 5.1% growth year on year respectively.
Commenting on these positive figures, founder of CV-Library Lee Biggins said, “It’s fantastic to witness the job market growing at such an impressive rate year-on-year. With businesses keen to attract only the best candidates to their roles, it’s positive to see that companies across the UK are pushing their salaries up in order to offer competitive pay packages to talented recruits.
With more and more organisations putting out job adverts, competition to attract skilled workers is fierce. The offering of strong pay packages is clearly one tactic that companies are using in an effort to stay one step ahead of their competition. We’re seeing increasingly fierce activity from companies, with job postings and salaries on the rise. All this bodes well for the candidates out there looking for their next move, with companies keen to bring in the best talent.”
Of course, Lee is talking primarily about permanent positions here, but in light of recent APSCo figures, which showed a 2% increase in contractor opportunities alone over the last 12 months, vs a 1% decrease in permanent positions – the likelihood is that contractors will see an even greater increase in both opportunities and pay rates over the coming months. As he also mentions, CV-Library is seeing ‘fierce activity from companies’ for the best candidates – so the market is certainly ripe for contractors to put themselves in the market for the best positions.