Employers battling for talent

Recruitment group Hays expects wages for skilled workers to rise at the fastest rate since the financial crisis as the ‘Great Resignation’ stokes up the strongest jobs market in over a decade.

Speaking following last month’s update on the group’s financial performance, Hays’ Finance Director Paul Venables, said that a surge in the number of people in jobs but looking for new roles had created an unprecedented battle for talent and a sharp rise in salaries for higher earners.

Mr Venables revealed that some workers switching jobs for promotion are now securing wage increases of close to 20%, with highly sought after technology specialists able to boost their earnings by around a quarter. The Finance Director said there was a shortage of skills worldwide and described the jobs market as “absolutely the strongest” he had seen during his tenure with the recruitment firm.

“It’s the hottest permanent recruitment market in my 16 years with Hays and the highest wage inflation I’ve seen,” Mr Venables said. He added, “Most companies know that the level of increase in wages this year will be the highest certainly since… pre-Lehmans. For a skilled white-collar profession, we’re in a very hot market.”