If you’re thinking about looking for a new job it may be a wiser bet to stay in your current role, at least for the time-being.
According to the jobs search engine Adzuna, average advertised salaries fell by 3.3% to £33.318 in the twelve months leading up to August 2015, compared to £34,463 in August 2014.
The worrying figures signal a slow down in the UK jobs market, says Adzuna, with every region in the UK seeing a fall in advertised salaries. The worst affected regions are London and Scotland, where advertised salaries have dipped by 5.3% and 5.2%, respectively.
While average wage growth is showing signs of improvement for workers who wisely opt to remain in their current jobs, advertised salaries for many new employment opportunities are declining throughout the UK.
Adzuna says the salary slump is a result of several factors, including an influx of new graduates entering the jobs market, but warns that a “boom” in lower-paid jobs is “dampening” average salaries.
Andrew Hunter, co-founder of Adzuna, said: “As the summer’s heat draws to an end, advertised salaries are also cooling off.
“The pay packets being offered for new roles are substantially lower than this time last year, and are falling in every region across the UK.
“This national phenomenon confirms that the jobs market is starting to slow down, with an influx of entry-level and low-paid vacancies reducing average advertised salaries.
There were 1,150,396 vacancies in the UK in August 2015, up 2% from July’s numbers and 27.1% more than in August 2014.
While these headline statistics may, at first glance, paint a picture of a buoyant jobs market, the rise in largely due to a nationwide skills shortage resulting in employers being unable to fill available vacancies.
Mr Hunter said: “The skills shortage has not benefited job hunters as might be expected. Counter-intuitively, it’s currently easier to climb the career ladder by staying in your current role and asking for a pay rise than by looking to move into a new position.”
Bad time to be a nurse
Anyone looking to enter the healthcare and nursing sectors will be met by a shocking 9.3% fall in advertised salaries.
This comes following years of pay freezes imposed on NHS workers by the Tory Government.
Mr Hunter said: “As healthcare workers face more pressure and longer hours, many may feel they are deserving of salary growth. But advertised salaries in the sector have fallen. This is in part due to a rise in part-time care work needed to look after the elderly of the country.
“The industry is under considerable pressure. With continual headlines about a lack of resources, it is unlikely the sector will attract the workers it desperately needs if salaries continue to fall.
He added: “As the NHS experiences a staffing crisis and junior doctors face longer hours for reduced pay, the industry will need to do more to secure the best workers to deliver top quality care.
“If salaries continue to decline, workers may be tempted into other sectors – or even abroad.”