Despite the salary growth, competition for jobs is intensifying, with 2.08 job seekers per vacancy—the highest level since June 2021, making it harder to find employment.
Andrew Hunter remarked that while challenges were present at the start of 2024, the latter half is showcasing signs of recovery, specifically with hiring increased due to Christmas preparations.
The average advertised salary reached £39,234 last month, featuring a 6% rise compared to last year, marking the fastest growth in three years.
UK businesses are currently balancing increasing salary expectations alongside rising National Insurance contributions, notably impacting retail sectors that employ many lower-paid workers.
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