May 16th 2018 3:05pm
Today’s labour market statistics published by the Office for National Statistics (ONS), show wages have grown above the rate of inflation, meaning average weekly earnings for employees in the UK have increased by 0.4% in real terms (excluding bonuses), based on data from January to March 2018. The data also shows the proportion of people in work has increased to 75.6% which is the highest since 1971.
Recruitment & Employment Confederation (REC) director of policy Tom Hadley says:
“Candidates are now in a better position, if moving jobs there is a strong chance of getting a pay rise. Businesses want to grow and with employment rates high they are having to compete with each other to attract people. Our data shows that one way they are making themselves more attractive is by offering higher starting pay for new recruits.
“There are plenty of jobs out there for candidates with high in-demand skills in sectors ranging from education to hospitality. We simply don’t have the number of people in this country to fill the vacancies businesses are creating. If the government wants to boost economic growth businesses need to be able to continue to attract and recruit workers from the EU.”