All eyes of late have been firmly focused on the UK’s economy as it faces the possibility of a ‘Brexit’, an uncertain steel industry, industry-wide skills shortages and a weakened currency. So it may come as a surprise that the latest news from CV-Library shows that the UK labour market experienced a 15.1% growth in Q1 2016 when compared with Q1 2015.
Further confirming the strength of the UK’s job market, job growth can be seen in a number of key sectors and regions across the country; a promising sign which also suggests that growth is not limited to any one specific industry or city. The sectors and cities which experienced the strongest job growth in Q1 were:
While the cities that experienced the strongest job growth included:
Better still, CV-Library also reported a healthy increase in job applications; application rates have increased by 16.4% year-on-year, meaning each vacancy now receives over 19 applications. This news will likely come as a relief to the nation’s employers, who have recently found themselves in the throes of a talent shortage, left with a real lack of skilled candidates available to fill their roles; this latest data suggests that businesses will now have more candidates to choose from during the recruitment process.
The news that the UK labour market is remaining strong during such a shaky economic climate will be warmly received by recruiters and HR professionals across the country; the recruitment industry is often the first to feel the effects of an economic fallout. Though employers are currently grappling with unanswered questions about how a Brexit will affect the labour market, and how the government plans to support the nation’s struggling sectors, this steady job growth suggests that UK businesses are in a strong position, continuing to create jobs for the country’s economy.
In addition, Q1 2016 revealed an impressive 3.9% growth in advertised salaries, when compared with the same time period in 2015. This now means that the average wage has jumped to £32,938, from £31,710, further confirming the strong position of UK businesses in today’s economy, despite its ongoing woes.