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Economic recovery gives rise to surge in wages

View profile for Spencer Davis
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Low unemployment and competition for best workers means companies are being forced to pay higher wages.

Salaries are up this year by 2.9% nationally. For professionals such as accountants, IT staff and marketing executives it is even higher at 5.7%, and for those in financial services it is 8.5%. The highest rise is seen for workers with sales skills at 16.9%.

According to the Association of Professional Staffing Companies (Apsco), recruiters have 8% more vacancies now than they did a year ago.

Finance and accounting jobs are at the front of this rise – 16% more jobs are available now than a year ago. In IT the figure sits at 5% whilst in media and marketing it is a more modest 1%.

Overall employment has increased by a figure of 413,000. 

Apsco chief executive Ann Swain says that the salary increase, plus zero inflation, means that real wage growth is at its highest for 12 years.

Competition for the best workers has led to a struggle to find the staff needed, and businesses continue to engage highly skilled contractors because of the difficulty found employing workers on a permanent basis. 

At Gepp & Sons Solicitors we can advise on all aspects of employment law. For more information and guidance, please contact Alexandra Dean on 01245 228141 or email deana@gepp.co.uk

This is not legal advice; it is intended to provide information of general interest about current legal issues.