|Fierce competition for workers drives pay surge for top talent |
Pay across key UK sectors, including construction, hospitality, engineering and pharmaceuticals, is up by an average of 13% so far this year compared with a year ago, according to recruiter Manpower Group. The company said competition for top talent is so intense that two in every five job offers are being met by a successful counter-offer by the candidate’s current employer. Jason Greaves, of Manpower, said: “The boom in hiring means the UK, in a lot of skillsets, is now facing an acute talent shortage. Even pre-Covid there was already a skills shortage in engineering, procurement and driving, and that has been exacerbated now. We’ve never seen this level of pay rises before. We’ve had skills shortages before, but the organisation's grasping for talent now is as great as it has ever been.” The HR industry itself is facing pressure, with earnings growing by 5% or more as recruiters require more staff to cope with increasing demand.