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News out today backs up what we in the recruitment market are seeing. Unemployment is at its lowest in 45 years and employment has risen to 32.75 million, up 28,000 in the three months to the end of May. This brings the unemployment rate nationwide to just 3.8%.
Wages are also growing at a rate of 3.6% a year. When you consider that the average weekly wage is now £468 and that is still £5 lower than the pre recession peak in 2008 of £473, there is certainly more growth in wages to come.
Both of these factors, a low unemployment rate and a growth in wages are meaning that we are increasingly seeing companies struggling to find good candidates for their roles and this will not change anytime soon. . If companies can not raise their wage level then they need to be creative about their recruiting and look at flexible working or job shares. They need to look at older workers wanting to continue to work beyond retirement age and above all they need to be as non prescriptive with their job descriptions as they can be in order not to narrow the field of options open to them.
Have a good week.