Businesses across the UK continued to increase salaries in July, despite the uncertainty created by the vote to leave the European Union, according to CV-Library.
The job site's figures show that salaries rose 3% compared with July 2015 as businesses recognised the need to attract the top talent.
According to the data, key areas for salary growth were seen in the retail, legal and finance sectors, where salaries increased by 8%, 7.2% and 6.9% respectively. In terms of regional growth, cities in the North witnessed the highest increase in salaries, including Leeds (9.3%), Sheffield (7.5%) and Manchester (5.1%).
Other positive news was the increase in CV registrations, which rose 3.5%, suggesting that candidates are keeping their eyes on potential opportunities and are ready to apply to the right role when they see it. This number rose considerably in some of the UK’s major cities, including Southampton (18.7%), Birmingham (12.3%) and Sheffield (11.4%).
Lee Biggins, founder and managing director of CV-Library, said: “The rise in salaries across the UK is a positive indication that businesses are pushing hard to attract the very best candidates and are not allowing pay to stagnate in the face of post-Brexit uncertainty. For job hunters, it is reassuring that organisations are recognising the need to make the right offerings, particularly as competition for talent is rife. At the same time, it’s positive to see that candidate appetite is still strong, with CV registrations continuing to grow.”
Despite these upward trends in pay, CV-Library's research also revealed a dip in the number of new jobs advertised, which dropped by 4.2% in July, though this is not unusual for this time of year, as recruitment tends to witness a summer slowdown.
Mr Biggins added: “It would be all too easy to attribute the reductions in job postings and applications to June’s Brexit news. However, this would be an unfair assessment as it’s still far too early to tell exactly what impact it will have on the UK’s labour market. More likely is the fact that the summer months tend to be a quieter time of year for recruitment, as people take holidays and time away from the office.
“We always expected to see a small drop in July due to the fact that the recruitment sector experienced a particularly strong summer last year. Therefore, a slight reduction in jobs year on year isn’t too surprising as it was always unlikely that 2015’s high levels would be maintained. As a result, employers and candidates should rest assured that the UK’s job market is still thriving and we expect to see some of these figures pick back up as the summer months draw to a close.”