Latest Salary Survey reveals optimism for year ahead
Across many sectors, salaries have dropped by typically 5-15% and benefits have been capped or withdrawn completely, while redundancies have spread across virtually each business sectors in the region, including the more robust markets of Accountancy and Legal.
However our salary survey here at Abacus Professional Recruitment reveal that positive signs are starting to reflect a more stable labour market with more companies calculating fresh staff appointments.
Many local firms are certainly more confident and outward looking. Recruitment is returning to their radar, although with justifiable caution. They are smartly managing a blended recruitment strategy by taking on temporary staff and appointing people on interim contract of perhaps 3-6 months.
Importantly, the volume of permanent recruitment is rising as well and decisions are being made faster; both positive indicators for the future
Impacts on Markets
The Abacus survey provides an overview on each market plus guidance for companies and job seekers to prepare for the future if economic recovery is sustained.
The main findings for sectors include:
- Accountancy – some equilibrium gained after periods of pay cuts and redundancies;
- ICT – comparably strong with some skill shortages evident and growth forecast;
- Legal – salary cuts of 10-20% experienced and minimal opportunity for newly qualified solicitors however specialist roles are still in demand;
- Banking – significant job losses and many bonuses withdrawn but next 12 months more positive which follows recent trends in London;
- Insurance – salary cuts experienced in a highly competitive arena but strategic demand for experienced personnel on-going;
- General office roles – volume of temporary roles increasing but salaries squeezed;
- HR and Marketing – regarded as early casualties in an economic downturn however employment opportunities starting to return.
The Future for companies
So what do companies need to do in the coming 12 months? Well, companies should develop or review their ‘employer brand’ and re-discover how their business is perceived by employees and potential staff of the future.
Certainly employers are wise to take stock and review how they can improve their appeal to prospect employees. It shouldn’t start when someone hands in their notice.
Our consultation revealed that companies were eager to know if their brand had been impacted by redundancies and that is a refreshing consideration.
The Future for Jobseekers
Candidates presently in employment are starting to shift from ‘passive’ to ‘active’ status reflecting a slightly more positive outlook.
Obviously the level of competition for employment is considerable and this is likely to continue. While a continued economic challenge certainly remains with public sector pressures and austerity measures on route, the commercial market is lifting.
Therefore jobseekers should start preparing CVs, gaining career advice and perhaps develop an appropriate social networking profile to increase their visibility.
Alan Braithwaite is the Business Director of Abacus Professional Recruitment