Published on January 23rd, 2018 | by The GC Team0
Retail salaries and vacancies on the rise
According to new data from UK independent job board CV-Library, advertised salaries and jobs are increasing across the industry. The data, says CV-Library, indicates that “the job market in the retail sector is strengthening,” with advertised pay up by 2.8% quarter-on-quarter and 1.4% year-on-year.
The report analysed job market activity in Q4 2017 and compared this with Q3 2017 findings and data from the same period in 2016, finding that advertised job vacancies saw an increase of 23% year-on-year, and an impressive 7.8% rise when compared to Q3 2017. The sector, says the report, was one of the very few to experience growth quarter-on-quarter.
Lee Biggins, founder and managing director of CV-Library, said: “It’s great to see that the job market in the retail sector is flourishing, particularly when compared with data from the same period last year. In Q4 2016, the Brexit vote was still raw and very much in the forefront of everyone’s minds. This is not to say that this is no longer the case, as the future of the UK is still very uncertain. However, the increase in advertised jobs suggests that as the dust begins to settle, employers are continuing to invest in their recruitment efforts and are working hard to keep driving the economy forward.”
However, despite the market flourishing, candidate appetite is not keeping pace, with applications in the retail sector decreasing by 11.2% quarter-on-quarter. While “initially concerning,” this drop is “not surprising for this time of year.” The market typically sees application rates slow down as the year draws to a close.
Biggins concluded: “Competition for the top candidates is tough, and this is reflected in the increase in advertised salaries across the industry. Though many companies might be reluctant to loosen the purse strings, it’s clear that offering competitive packages is important right now, especially given that unemployment is at its lowest in 42 years. The retail sector continues to battle with the rise in popularity of online shopping, with huge high street chains going bust in recent years.
“Despite this, it’s great to see that retail businesses are remaining active in their recruiting efforts and hoping to encourage job hunters to begin moving around and looking for their next career opportunity. Overall, it’s positive to see that despite ongoing uncertainty, retail organisations are taking proactive steps to rouse candidate appetite and stimulate growth in the economy. We hope that as we move ever closer to Brexit, both business and candidate confidence will continue to improve.”