Yahoo Finance Where to work to get the best pay rises
Workers in just two industries have seen their pay rise in line with inflation – although job seekers can still significantly boost their income by changing where they work.
The HR and Recruitment sector has been the best sector for pay rises over the past year, with salaries rising by 15.2pc between 2021 and 2022.
Manufacturing also saw wage growth higher than inflation, with the average salary rising by 13.4pc, according to data from jobs website Adzuna.
The company analysed monthly job listings on its website, which covers more than 95pc of all jobs advertised in the UK. Over 1.1 million jobs were listed in July this year..
Paul Lewis, of Adzuna, said hiring was “holding steady” despite a slowdown in the economy and that jobseekers should “know their worth” if they were not being paid the going rate.
“High inflation is eating into workers’ take home pay, but for those willing to move jobs there are still gains to be made,” he said.
The tight labour market and worker shortage are partly behind rising inflation, alongside wider macroeconomic and geopolitical concerns, and vacancies aren’t slowing significantly any time soon.
Mr Lewis added: “Worker shortages are still causing bottlenecks in supply chains up and down the UK. Companies that can’t find the staff to meet demand will likely keep hiring, even as prices and interest rates rise.”
Further research from Indeed, another jobs website, showed salaries across dozens of industries have been increasing since the start of the year.
Over the last few months businesses have scrambled to respond to increased cost of living pressures. Accountancy giant PwC announced a 9pc pay increase in June for at least half of its 20,000-strong workforce.
Kevin Ellis, of PwC, said the company could not “ignore market pressures and wanted to ensure pay at every level was as competitive as possible”.
He added: “We know pay will be an increasingly important consideration given rising living costs – we want to stay competitive and continue attracting the best talent and skills from across the UK.”
The data showed average salaries across two industries had in fact fallen since last year – with wages in retail roles dropping by 3.32pc since 2021 and teaching by 3.77pc.
Salaries in property and creative design roles had remained stagnant, rising by just 0.3pc and 0.76pc respectively.
