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Financial News: UK Starting Pay Near Record High Amid Labor

UK Starting Pay Near Record High Amid Labor Shortages: Report On Jobs

05/12/2022 - 07:14:00 (RTTNews)

(RTTNews) - The starting pay of UK employees logged a marked growth due to the robust demand for staff amid scarce supply, the KPMG and REC, UK Report on Jobs compiled by S&P Global showed on Thursday.

There were sharp rises in both permanent placements and temp billings in April due to rising activity and strong demand. Nonetheless, the rates of growth eased to 13- and 12-month lows, respectively.

The overall availability of candidates fell for the fourteenth straight month in April. The supply of permanent labor continued to fall at a faster pace than that seen for temporary staff.

According to the report based on the responses of around 400 recruitment and employment consultancies, starting salary inflation weakened slightly but remained close to March's record pace.

Firms reported a steep increase in overall vacancies in April despite the rate of growth easing slightly since March. Permanent staff demand continued to climb at a slightly quicker pace than that seen for temporary workers.

Claire Warnes, head of Education, Skills and Productivity at KPMG UK, said, "Yet again in April, recruitment challenges abound in every region and every sector of the economy."

Employers continue to be relentlessly challenged by attracting and retaining talent, rising costs due to inflation, as well as supply chain pressures, Warnes added.

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