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UK starting salaries rise at fastest pace on record – survey

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UK starting salaries rose at a record pace in March but hiring slowed, according to a survey released on Friday by KPMG and the Recruitment & Employment Confederation.
The survey found that growth in hiring activity eased as candidate shortages restricted growth in both permanent placings and temporary billings. However, the rate of hiring remained high by historical standards amid increasing demand for staff.

The survey also found that average UK salaries rose at their fastest pace since records began in 1997.

REC chief executive Neil Carberry said: “We can clearly see that labour and skills shortages are driving inflation in these latest figures.

“Starting salaries for permanent staff are growing at a new record pace, partially due to demand for staff accelerating and partially as firms increase pay for all staff in the face of rising prices.”

Claire Warnes, head of educations, skills and productivity at KPMG: “There’s no end in sight to the deep-seated workforce challenges facing the UK economy. Once again this month, job vacancies are increasing while there are simply not enough candidates in all sectors to fill them.

“With fewer EU workers, the ongoing effects of the pandemic, the economic impacts of the war in Ukraine and cost-of-living pressures, many employers will continue to struggle to hire the talent and access the skills they need.”

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