- Advertised vacancies currently sit at a 19-month high
- Average salaries in London begin to show signs of recovery
- Winchester becomes the rising star among best cities to find a job – competition for jobs falls 32% year-on-year, making it the fifth most desirable locale to find employment
Against a backdrop of Brexit negotiations forcing UK companies to scale back their hiring processes and pressure from inflation squeezing household disposable incomes, advertised vacancies have defied the odds to reach their highest level in two years. This means that jobseekers and employees have more options available than at any other point since the autumn of 2015. The jobs market has gone from strength to strength in terms of the variety and flexibility of roles up for grabs.
As in 2017, the spring of 2015 also saw a General Election and proved that the jobs market and advertised vacancy levels could hold up amid political uncertainty. However, average salaries were still increasing on an annual basis in the first half of 2015, a trend that would end in June of that year and salaries have remained stagnant ever since.
Fast forward to the present day and average salaries continue to feel the pinch as consumers are forced to be shrewder with spending power. According to the latest IHS Markit Household Finance Index, willingness to make big purchases has fallen to its lowest level since December 2013 as consumers are less prepared to spend money on luxury items such as holidays.
Table 1: Total advertised vacancies and UK salary
|June 2017||May 2017||Monthly
|Annual change from June 2016|
|Jobseekers per Vacancy||0.41||0.43||-4.6%||-18%|
|Av. Advertised UK Salary||£32,519||£32,743||-0.7%||-0.6%|
Doug Monro, co-founder of Adzuna, explains: “The rise in the number of vacancies highlights the resilience of the UK jobs market. Jobseekers are spoiled for choice by the expanding opportunities available. Although salary growth remains stagnant in most regions, it is encouraging to see London join Eastern England, Northern Ireland and Wales as an area where the green shoots of recovery are visible. With more than a quarter of a million openings in London at present, there are plenty of opportunities for modern day Dick Whittingtons to see if the capital’s streets really are paved with gold.
“Recent warnings suggest that the UK may be on track for an economic slowdown, but it is hoped that a clear-cut immigration strategy is to become the backbone of the UK economy. With vacancies on the rise, this calls for further investment into new and innovative sectors that will stimulate the economy and boost wage growth. Recent announcements from BMW and Amazon provide a further shot in the arm for the UK jobs market and could well motivate other blue-chip companies to follow suit.”
Table 2: Best-performing jobs sectors in the UK – annual salaries
|Job Sector||Average salary||Salary % 12 Month Change||Total Vacancies|
|HR & Recruitment Jobs||£33,710||10.8%||14,606|
|Healthcare & Nursing Jobs||£36,306||5.4%||124,371|
|Scientific & QA Jobs||£38,926||1.8%||9,917|
Winchester rises the ranks as a challenger city
Winchester has climbed a place to become the fifth best city in the UK to find a job. Traditionally known as the birthplace of world-famous author Jane Austen, Winchester’s improving jobs market has given it another reason for renown. Competition for jobseekers per vacancy currently sits at 0.12, down by a fifth from May 2017. There are more than 2,000 jobs currently available in the Hampshire city, with the main companies recruiting at the moment including Voyage Care, Exclusive Hotels and Q-Hotels.
Doug Monro, co-founder of Adzuna, comments: “A new city rising up the best places to find a jobs list is the exact type of healthy competition that will boost the UK’s productivity and create shared wealth. Winchester boasts tradition, culture and history and yet now has a dynamic jobs market to add to its books. After the emergence of Warrington in May and now Winchester’s moment in the spotlight in June, we hope to continue to see new challengers in the running in the months ahead.”