Skip to content
City PM
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Opinion
  • DE
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Opinion
  • DE
Tuesday 30 August 2016 1:00 am

Recruitment stays steady following referendum, but salaries on offer take a knock

By: Hayley Kirton

Add as a preferred source on Google

Professional hiring has remained sturdy despite the referendum result, but salaries on offer are no longer so favourable, figures out today show. 

The Association of Professional Staffing Companies (Apsco) study found permanent vacancies inched up by 0.2 per cent in July compared with the year before, although contract vacancies dipped by two per cent. 

However, the number of contract roles on offer for finance and accounting jobs leapt up 21 per cent.

"It seems that an increasingly flexible workforce is being utilised to keep the wheels in motion until there is greater certainty around what the UK's future relationship with the EU will look like," said Ann Swain, chief executive of Apsco. "Until then, the professional recruitment sector will continue to provide talent to firms' immediate and short-term needs."

Read more: Why spreadsheet skills alone won't make the finance chiefs of the future

But while it may have been good news for jobhunters, it's not so good for their paypackets. Apsco found salaries slipped by 0.8 per cent, although financial services again bucked the trend, with salaries increasing by 3.6 per cent.

Separate research by jobs search engine Adzuna, also released today, found the average salary on offer in the pool of jobs it studied had dropped 2.4 per cent in July compared with the year before, going from £33,505 to £32,688.

To add insult to injury, Adzuna also calculated advertised wages in real terms had dropped by three per cent, meaning any jobhunters swiping roles now would be over £1,000 worse off compared with a year ago. 

Read more: Compromises when job hunting? Computer says no

"Jobseekers might not be jumping for joy," said Doug Monro, co-founder of Adzuna. "After the shock of Brexit, a new Prime Minister and lower interest rates, rising inflation has now entered the ring.

"Not only are advertised salaries falling, but inflation is hitting workers hardest and where it really hurts – their wages."

Londoners looking for a good deal fared worse than the country as a whole, as advertised salaries dipped by 2.9 per cent in the capital. 

Meanwhile, those fresh out of university might be feeling like they wished they'd skipped the gap year, as graduate salaries on offer fell by 4.3 per cent to £23,609 in July, compared with £24,682 the year before.

Read more: There's a pretty good chance you're doing the world's least dangerous job

"Companies are cautious about the future due to Brexit and so have less money to offer high starting salaries. It's also hard to guess how many workers they will need," Monro added.

Figures from the Office for National Statistics released earlier this month surprised some, as the unemployment rate maintained its post-recession low of 4.9 per cent. It had been speculated the figure might creep up to five per cent. 

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • Jobs and Money

Categories

  • Personal Development

Trending Articles

  • Citroën 2CV returns as a £13,000 electric car, and the timing is no accident

  • The former African gold miner taking on the billionaire Issa brothers

  • Barclays and Lloyds back calls to digitalise UK markets and unlock £33bn boost

  • Music tycoon Simon Cowell sued by prominent City lawyer

  • Wimbledon: HMRC set to slap Sinner and Noskova with £1.6m tax bill

More from City PM

  • Businesses slam brakes on hiring over Burnham uncertainty

    Economics
    Andy Burnham speaking passionately at a public event, wearing a suit, highlighting his role as a prominent political figure.
  • Jobs slump as economy ‘held up by uncertainty’

    Economics
    Rachel Reeves speaking at an IOD event.
  • Rising salaries for junior lawyers put pressure on senior associates’ pay packages

    Legal
    Burges Salmon partners with legal tech startup Wexler to enhance AI-driven litigation support for UK lawyers
  • Job vacancies fall again in unemployment risk 

    Economics
    People waiting outside a job centre, highlighting unemployment issues and job search challenges in the current economy.
  • Instead of picking winners, Peter Kyle should get out of their way

    Opinion
    Peter Kyle speaking at a podium during a press conference, addressing current issues and developments
  • AI is transforming job references

    Opinion
    Prominent hiring sign displayed in front of a business, indicating job vacancies and employment opportunities
  • City law firm boosts junior lawyer salaries to £189k in London

    Legal
    Getty Images logo displayed on a digital screen, symbolizing media and photography industry presence on a business platform
  • BTG Consulting cites poaching from ‘major competitors’ for boosted revenues

    Advisory
    Skyline of Canada with iconic financial district buildings, highlighting UK investments and economic growth.

City PM — European politics, business and analysis.

Europe

  • Germany
  • France
  • Europe
  • UK & Ireland

Topics

  • Business
  • Markets
  • AI
  • Technology
  • Opinion
  • Energy

More

  • Politics
  • Economics
  • Fintech
  • Legal
  • Sport
  • Life

Company

  • About City PM
  • Editorial Policy
  • Corrections
  • Contact
  • Terms of Use
  • Privacy Policy
  • Cookie Policy
© 2026 City PM · Published by CityPM Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
About · Editorial Policy · Corrections · Contact · Privacy · Facebook