New job opportunities were reported to be 28% up year-on-year, and there was yet more encouraging news for job seekers with salaries rising for the third consecutive month - albeit slowly.
It is, however, a fantastic time to start searching for a new job and also equally as good a time for employers to find candidates to help their companies grow, especially in the sector which is the leading light of the recovery: construction.
According to the report, the number of job vacancies available in the UK has increased across all industry sectors during the last 12 months but construction and property has been the standout one. Government initiatives to boost house building and infrastructure projects has resulted in a 74% rise in new construction related jobs, and this can only be good news for manufacturers and distributors of building and construction products. At Pinnacle Consulting, we have seen a large increase in construction sales and marketing jobs being, being advertised, especially since the Christmas break.
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As mentioned, The Reed Job Index, which is compiled every month, now stands 28% higher than in December 2012. And, for the third consecutive month, each of the 33 industry sectors listed on the index is showing year-on-year growth in jobs and 11 out of 12 UK regions are showing growth compared to last year. Growth in salaries is slow, but positive, at just 2% over the year. Overall, the Job Index now stands at 172, up from 138 at the start of 2013.
Commenting on the latest figures, James Reed, chairman of reed.co.uk, says:
“2013 has been a positive year for the jobs market, with continued growth and new jobs reaching a five year high in the autumn.
“Most significantly, the latest data shows a shift towards a candidate-led market. This is good news for jobseekers and will present a growing challenge to employers as they compete to attract the best talent.
“What’s more, after such a long period of salary stagnation, candidates will have a stronger negotiating position when it comes to pay, so employers will need to be prepared for a growing wage bill in 2014.
“The signs indicate a strong 2014. Growth is likely to come from the industries that have shown the biggest increases in the last few months: construction and property; retail; manufacturing; automotive.”
The Reed Job Index is compiled by reed.co.uk, through analysis of job vacancies from over 10,000 recruiters throughout the UK tracked against a baseline of 100 established in December 2009. It is the largest monthly measure of conditions and trends in employment in the UK. Reed.co.uk is the UK’s largest jobs board, receiving a total of over 120 million visits in the last 12 months and 24 million job applications.