Pay rises for new hires have almost doubled in the last three months, according to figures from Tiger Recruitment, which says that low unemployment and intense competition for talent have driven up salaries.
The London-based recruitment consultancy has found that successful candidates were awarded an average pay rise of 12% upon accepting a new role between July and September, reaching a high of 15% last month. This was up from an average of 7% between April and June.
The findings reflect recent figures from the Office of National Statistics, which highlighted a consistent rise in weekly earnings, including a 3.8% year-on-year increase in September.
“Strong candidates are attending up to three or four interviews in a day at the moment,” commented Rebecca Siciliano, Managing Director at Tiger Recruitment. “It’s a particularly competitive market for employers in London and the low unemployment rate means that companies are needing to offer higher-than-anticipated salaries in order to secure their chosen candidates”