Weaker rise in permanent placements amid EU referendum uncertainty
Pay growth softens but remains marked.
Slower growth of staff appointments…
Permanent staff placements continued to rise in May, but the rate of expansion eased to an eight-month low. Temporary/contract staff billings growth also eased, following April’s 13-month high.
…despite robust demand for staff
Vacancies rose at a marked pace in May, with the rate of growth quickening slightly since April. Stronger increases were recorded for both permanent and short-term employees.
Pay growth moderates…
Permanent staff salary growth eased to a 31-month low in May, although remained above the survey’s historical average. Having increased at the strongest rate in almost nine years during April (partly driven by the new National Living Wage), temporary/contract staff pay posted a slower but still marked rise in May.
...as decline in candidate availability eases further
Further reductions in staff availability were signalled in May. However, slower falls were indicated for both permanent and temporary/contract staff, with the latest declines the least marked in over two-and-a-half years.
In the South (excluding London) though permanent placements growth strongest this year so far..
Key points from May survey:
South continues to record strong growth in permanent jobs
Permanent and temporary wages continue to grow at strong rates
Permanent candidate supply falls at weaker rate
The availability of staff to fill job vacancies fell for the thirty-fifth consecutive month in May. The rate of decline remained steep, but was the least marked among the four monitored English regions.
Starting salaries for permanent jobs in the South of England rose at the sharpest rate in 2016 so far during May. Furthermore, the rate of salary inflation outpaced the UK average for the twelfth month running.
The Recruitment Connection is a specialist financial services Recruitment Company established in 1993 and the team have over 30 years’ experience of recruitment in the UK and overseas Financial Services markets.
We operate as a specialist recruiter in the wealth advisory, IFA industry and recruit mainly in the UK and Europe.