UK Salary Trends 2024: Insights for Recruiters

29 Oct 2024

29 Oct 2024 by Luke Puplett - Founder

Luke Puplett Founder

The Headlines: Solid Growth Across the Board

The standout figure from the Office for National Statistics (ONS) 2024 Annual Survey of Hours and Earnings is the median full-time salary reaching £37,430 in April 2024, up 6.9% from £35,004 in 2023. Weekly earnings have climbed to £728 for full-time employees, marking a 6.0% increase in nominal terms, and notably, a 2.9% increase when adjusted for inflation.

Where the Growth Is Happening

Hot Sectors

  • Accommodation and food service activities leads with 9.8% growth

  • Information and communication showing strong momentum at 9.5%

  • Financial and insurance activities also at 9.5%

Occupational Trends

  • Caring, leisure and service occupations (7.7% increase)

  • Sales and customer service roles (7.7% increase)

  • Management positions (7.6% increase)

Regional Variations Matter

The East of England is leading the pack with 7.4% growth in weekly earnings, while Scotland and Northern Ireland show more modest increases at 4.3%. For recruiters working across multiple regions, these variations are crucial for setting accurate salary expectations.

What This Means for Recruiters

  • Salary Benchmarking: Previous benchmarks need updating - we're seeing above-inflation increases across most sectors.

  • Lower-Paid Roles: The National Living Wage increase to £11.44 (and now applying from age 21) is driving significant changes in entry-level positions. This needs to be factored into recruitment strategies.

  • Sector Strategy: With some sectors showing nearly 10% wage growth, it's worth revisiting your sector focus and potentially expanding into high-growth areas.

  • Regional Opportunities: The significant regional variations in wage growth present opportunities for recruiters who can help clients navigate salary expectations across different locations.

Looking Ahead

These figures illustrate a labor market that's still robust in providing opportunities for wage growth despite economic challenges. The particularly strong growth in certain sectors suggests continued demand for talent, while the regional variations underscore the importance of local market knowledge.

For recruiters using Zipwire, it's crucial to update your salary bands and benchmarks to reflect these latest figures. This will ensure your job listings and candidate discussions remain competitive in what continues to be a dynamic market.

Link to the original report at the Office for National Statistics

Employee earnings in the UK: 2024

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