Currently sitting at £32,940, the highest figure since May 2016
Average UK advertised salaries have reached their highest figure since May 2016, according to Adzuna.co.uk.
The 1.9 per cent improvement in the year to December means the average advertised wage is now £32,940. Following an ongoing pay squeeze, UK average salaries are starting to show signs of sustained growth. Inflationary pressure has meant that in real terms any increase in wages has been marginal, but despite this, average salaries are continuing to follow a positive trajectory.
For jobseekers, the temptation to seek new, attractive pay packages is greater now than ever as salaries were particularly stale in the second half of 2017. Companies such as Amazon are offering competitive wages and comprehensive benefits following the creation of further new jobs in the UK. Keeping the labour market buoyant with new opportunities creates further competition and places bargaining power in the hands of jobseekers to negotiate better pay.
In terms of the regional breakdown, the growth of average salaries in London continues to show positive momentum, according to Adzuna data. The 3.4 per cent improvement in the year to December means the average advertised wage in the capital sits comfortably above the majority of most regions. With companies like Google confirming residence of its new £1bn London office in Kings Cross that will open in 2018 as well as Apple announcing a UK headquarters in Battersea Power Station, London looks set to remain one of the world’s foremost tech hubs. This level of investment from global multinational corporations means the capital city is currently in a lucrative position to secure a profitable future and could even reap the benefits of an open, international market as a result of the EU referendum.
However while salaries are improving, the total number of advertised vacancies in the UK have flatlined. Currently sitting at 1,100,142, the growth spurt that seems to be boosting advertised salaries is not being matched. Despite a fall in the inflation rate, many companies such as Tesco are implementing a cost-cutting strategy to streamline the business model and improve operational efficiency. However, in terms of volume, advertised vacancies are displaying their usual seasonal patterns following the post-festive period of temp jobs filtering out of the jobs market.
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