Stagnating Real Wages Means Moving Job the Best Way to Secure a Pay Rise – REC

Real wages continued to fall, for the sixth consecutive month, according to today’s labour market statistics published by the Office for National Statistics (ONS). The release also shows that employment reached 32.1 million in the three months to August. It also shows that unemployment fell further, to 1.44 million, but vacancies increased meaning the ratio of jobseekers to available jobs fell to 1.9, equal lowest since records began in 2001. Commenting, Recruitment & Employment Confederation chief executive Kevin Green says:

“The creation of more jobs despite business uncertainty is a testament to the determination and positive attitude of British employers to build and grow in the face of economic challenges.  From a jobseeker’s point of view though, the continued squeeze on wages means there is little room for full-throttle celebration.

“Recruiters tell us that due to the diminishing pool of available candidates, employers are willing to offer higher salaries or hourly pay rates when advertising for new hires, meaning the best way to secure an above inflation pay rise might well be to move jobs.

“Businesses can only grow if they have access to the people and skills they need. As the supply of available workers decreases, exacerbated by a declining rate of net migration, it is essential that the government does all it can to support employers. That means urgent clarity on the details of any post-Brexit transition period, confirmation that EU nationals currently working in the UK can stay and rapid development of a sustainable, agile, evidence-based immigration system that will support the economy.”  

Ends

Notes to editors:  

 

1. For more information, contact the REC Press Office on 0207 009 2157/2192 or pressoffice@rec.uk.com. An ISDN line is available for interviews on 0207 021 0584

2. Regular pay has fallen in each set of ONS figures since the three months to March 2017 (-0.4, -0.6, -0.5, -0.5, -0.4, -0.4). See tje full ONS statistical release for more details.

3. Jobs transform lives, which is why we are building the best recruitment industry in the world. As the professional body for recruitment we’re determined to make businesses more successful by helping them secure the people they need. We are absolutely passionate and totally committed in this pursuit for recruiters, employers, and the people they hire. Find out more about the Recruitment & Employment Confederation at www.rec.uk.com