Job market strengthens in Q4
New data from the UK’s leading independent job board, CV-Library, reveals that the job market in the automotive sector is strengthening, with job vacancies and salaries both increasing in the last quarter of 2017.
The report, which analysed job market activity in Q4 2017 compared with Q3 2017 and data from the same period in 2016, found that advertised pay increased by 3.8% quarter-on-quarter and 7.8% year-on-year.
Advertised job vacancies in the sector saw an increase of 13.2% year-on-year, however, this figure was a 9.2% drop when compared with data from Q3 2017.
Lee Biggins, founder and managing director of CV-Library comments on the findings, ‘It’s great to see that the job market in the automotive sector is flourishing, particularly when compared with data from the same period last year.
‘In Q4 2016, the Brexit vote was still raw and very much in the forefront of everyone’s minds. This is not to say that this is no longer the case, as the future of the UK is still very uncertain. However, the increase in advertised jobs suggests that as the dust begins to settle, employers are continuing to invest in their recruitment efforts and are working hard to keep driving the economy forward.’
Despite this improvement, candidate appetite is not keeping pace, with applications in the automotive sector decreasing by 7.7% quarter-on-quarter.
Biggins concludes, ‘Competition for the top candidates is tough, and this is reflected in the increase in advertised salaries across the industry. Though many companies might be reluctant to loosen the purse strings, it’s clear that offering competitive packages is important right now, especially given that unemployment is at its lowest in 42 years.
‘Despite this, it’s great to see that businesses are remaining active in their recruiting efforts and hoping to encourage job hunters to begin moving around and looking for their next career opportunity.
‘Overall, it’s positive to see that despite ongoing uncertainty, automotive organisations are taking proactive steps to rouse candidate appetite and stimulate growth in the economy. We hope that as we move ever closer to Brexit, both business and candidate confidence will continue to improve.’