Signs of pay growth as advertised salaries reach 19-month high
Salaries have hit a 19-month high of almost £33,000, although the number of vacancies has fallen, a study finds.
Advertised salaries have hit a 19-month high of almost £33,000 amid signs of “sustained growth” in pay, according to a study.
Research by jobs site Adzuna found the biggest increases over the past year were in jobs in the travel industry, while pay offered in social work fell by 7.3% to £26,233.
The number of vacancies fell by 8.5% to 1.1 million in the past six months, said Adzuna.
Doug Monro, co-founder of Adzuna, said: “In recent months we’ve seen vacancies soar while salaries stumble, but we’re starting to see a reversal of this trend.
“We’ve witnessed a few false starts with salary improvements, but they are finally showing a solid growth trajectory that is worth paying attention to.
“Unfortunately those already in employment aren’t seeing the same improvements as we’ve seen in advertised roles, but this is usually just a matter of time.
“With average UK advertised salaries reaching their highest level since May 2016, those already in employment will be sorely tempted to move on if pay improvements don’t filter down to them quickly enough.”
A separate study found that a record 4.8 million self-employed workers are now registered in the UK.
One in seven workers are self-employed, according to insurance firm Direct Line for Business.
Carly Menken, head of trading at Direct Line for Business, said: “Developments in technology coupled with the convenience of the internet mean that starting a business has never been more straightforward.”