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The BBC reports today that wage growth is the highest it's been in 10 years. In the three months to August, wage growth has been 3% compared to 2.5% over the same period last year. The employment rate remains at 4% and locally it is much, much lower. These figures will come as no surprise to anyone working in HR or the recruitment industry. Companies are increasingly struggling to find the quality candidates they need to fill a whole raft of roles. This is being driven by strong growth and also, I am perceiving that many Eastern Europeans seem not to be around in the nuumbers they once were, leading to a tightening of labour availability. In some areas, such as the accountancy profession, a lack of succession planning during the recession is now leading to extreme shortages of candidates to cope with the fast expansion many are experiencing.
So if you are a candidate with good experience under your belt, it would be worth looking at a few job boards to make sure you are earning the market rate.
If you are a business, it may be time to review your salaries to avoid losing key members of staff as you may find it hard and costly to replace them. If you need any advice on current salary levels, please feel free to call me on 01223 300639 or email on email@example.com and I shall be happy to help.
Have a great week!