Staff rates fall while pay growth rises

May 14, 2024

Both permanent and temporary job placements continue to experience slight declines across all sectors, marking the 19th consecutive month of such trends.

In the accounting sector, the number of permanent and temporary positions notably decreased compared to April 2023. To attract talent, wages continue to rise for both temporary and permanent roles, with pay seeing a consistent increase for 38 months in a row. Temporary positions witnessed the sharpest wage hike since June 2023.

The availability of candidates has reached a five-month peak, with the fastest surge since November 2023. Although the number of available positions remains high, it is 13,000 lower than in December 2023. Nevertheless, there are still significantly more vacancies than pre-pandemic levels, when 796,000 jobs were advertised from January to March 2020. In April 2024, the total number stood at 916,000.

The accountancy and financial sector face shortages in various skills for permanent roles, including auditors, bookkeepers, credit controllers, entry-level accountants, and financial analysts, among others.
Similarly, temporary positions also experienced shortages in various skills, with accountants, auditors, bookkeepers, credit controllers, entry-level finance roles, and payroll staff being the most sought-after.

Neil Carberry, CEO of the Recruitment & Employment Confederation(REC), commented:

"During any slowdown in the job market, a pivotal moment is when demand begins to shift. Today's hiring figures indicate that this turning point is nearing, as fewer recruitment agencies report a decrease in demand. Although the trend is still declining slightly, the rate of decrease in permanent hiring is the slowest in ten months."

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