Key UK regions and industries witnessed standout wage growth in the final three months of 2016, according to new research from online job board CV-Library.
The study, which looked at salary growth across the UK, found that pay in the North West of England grew by 14.2 per cent, while pay in recruitment grew 17.5 per cent compared to the same period the year before.
Wales (6.8 per cent), East Midlands (3.9 per cent) and the North East (3.5 per cent) followed in the regions of highest growth.
Likewise, the legal (8.7 per cent), hospitality (6.7 per cent), and property (5.7 per cent) sectors all posted an increase in wage growth compared to the year previous.
|North West +14.2%||Recruitment +17.5%|
|Wales +6.8%||Legal +8.7%|
|East Midlands +3.9%||Hospitality +6.7%|
|North East +3.5%||Property +5.7%|
|Scotland +2.6%||Accounting/Finance +4.8%|
Lee Biggins, founder and managing director of CV-Library, suggests that “widespread skill shortages” across the UK are pressing businesses to increase salaries.
“Businesses in these cities and sectors have clearly recognised the need to push up salaries ahead of the New Year rush in order to attract new recruits and it is hoped that we will see this strategy pay off in next quarter’s data,” he said.
“2016 was a turbulent year for the economy, but the fact that organisations are showing signs of investing in their current and future workforce is a positive indication for the labour market in 2017. We expect to see job and application figures pick up next quarter, as business and candidate confidence strengthens.”