The dawning of a new year often heralds a flurry of activity in the job market, as job seekers set their sights on new career horizons. However, as the specter of a persistent cost-of-living squeeze looms large, the primary focus for job candidates in January 2024 is undeniably centered on the elusive pursuit of a higher salary.
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With the curtain now drawn on the year 2022, we can delve into the comprehensive data compiled by CV-Library, the UK’s leading independent job board. This data unveils some intriguing insights into salary trends. In 2022, the average salary for jobs posted on CV-Library registered at £39,697, marking a noteworthy uptick of +6.7% from the previous year’s figure of £37,171.
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Nevertheless, amidst this overall rise in earnings, certain regions within the UK stood out as trailblazers in the quest for higher pay. The West Midlands led the charge with a staggering +10.8% year-on-year increase, closely followed by the South East, boasting an impressive +10.5% surge, and the North West, with a respectable +7.1% growth rate. The spotlight shone particularly bright on cities like Coventry (+10%), Hull (+8.9%), Cork (+8.9%), Portsmouth (+8.8%), and Birmingham (+8.5%), where salary hikes were notably generous.
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Shifting our gaze to industries, a similar pattern of remarkable salary growth emerges. The top five sectors for salary increases in 2023 were as follows:
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Agriculture, with a striking +13.0% increment
Hospitality and hotel management, displaying an impressive +11.9% rise
Catering, not far behind at +11.4% growth
Legal, showcasing a respectable +9.0% uptick
Manufacturing, with a solid +8.4% increase
Lee Biggins, the Founder and CEO of CV-Library, offers valuable insights into this salary surge, stating, “We’re anticipating that salary levels will take center stage in the realm of successful recruitment throughout 2023. Industries that grappled with recruitment challenges in 2022 have proactively responded by offering substantial year-on-year pay raises.”
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Mr. Biggins goes on to ponder the future, remarking, “Considering that many UK businesses find themselves constrained by financial constraints, expecting all of them to keep pace with the nearly +11% increase in the cost of living might be unrealistic. The year 2023 promises to be an interesting juncture, as we observe how salaries evolve in response to these dynamic economic factors.” In summary, the landscape of pay rises in 2023 appears to be both promising and unpredictable, making it an essential topic for job seekers and employers alike to closely monitor.
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