Connect with us

Hi, what are you looking for?

Editor’s Pick

Salaries being driven down despite the cost-of-living crisis

Despite the cost-of-living crisis, salaries have dropped since Covid, with the initial uptick in economic activity in 2020 failing to line the pockets of UK staff.

That’s according to the latest data from the Association of Professional Staffing Companies (APSCo) – the trade body for the professional recruitment sector.

The data – provided by the global leader in software for the staffing industry, Bullhorn – revealed that despite the increased demand for staff since Covid hit the country, average permanent salaries dropped 8% between August 2020 and August 2022. During this same period, the number of permanent jobs added increased 48%, while contract roles rose 71%.

With statistics from the Office for National Statistics (ONS) in August 2020 revealing a growth in GDP for the second consecutive month, this latest data from APSCo indicates that salary increases have failed to keep pace with changes across the economy.

A similar picture is evident in pre-Covid comparisons, with remuneration dropping 7% between August 2019 and August 2022. This suggests that salary inflation across the professional recruitment sector has declined despite demand for talent increasing.

Ann Swain, CEO of APSCo commented: “Increasing salaries while our economic stability is being questioned is understandably unlikely to be a priority or even feasible for many businesses, but to see a decline in pre- and post- Covid salaries is worrying. Since 2019 we’ve witnessed a demand for talent on a significant scale and an initial surge in economic activity as restrictions were lifted, but salaries across the professional, highly skilled sectors haven’t risen in line with this. The result is now being felt across the country. With the impact of Brexit also still playing out, this decline in financial incentives for new hires will only have a detrimental impact on the country’s ability to attract the skills needed to bolster the UK’s economy.”

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

Driven by the strong collection of home loan payments in the last 10 months, Pag-IBIG Fund’s performing loans ratio climbed to 89.96% in October,...

News

REUTERS BEIJING — China posted another record high coronavirus disease 2019 (COVID-19) infections on Monday, after an extraordinary weekend of protests across the country...

News

The Makati skyline is seen in the background in this file photo. — PHILIPPINE STAR/ MICHAEL VARCAS MANILA — Philippine economic growth may ease...

News

Rendering of China’s Tiangong Space Station. — WIKIMEDIA COMMONS SYDNEY — Rapid advancements in China’s military capabilities pose increasing risks to American supremacy in...

News

REUTERS SYDNEY — Australia lowered its terrorism threat level on Monday to “possible” from “probable” for the first time in eight years, citing a...

News

Mexican President Andres Manuel Lopez Obrador. — Andres Manuel Lopez Obrador/Facebook MEXICO CITY — Tens of thousands marched with Mexican President Andres Manuel Lopez...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.