Job applications in the UK have surged in January, with volumes up by 55% at the start of the year.
This means that competition in the graduate job market is really hotting up, according to new research from leading UK independent job site CV-Library, which compared its own data from January 2017 with that of December 2016.
Key sectors across the UK saw a similar increase, with manufacturing at 71.8%, recruitment recording a 67.3% rise and construction applications up by 63.8%. Other major industries including the automotive sector also followed the trend.
An increase in the number of job applications by graduates went hand in hand with job growth in January. A 38% month-on-month rise highlights the extent of opportunities that are available.
According to the data, several key cities including Birmingham, Liverpool, Brighton and Manchester all saw graduate applications rise in January. Salaries across the UK were also up, jumping by 5.6% year-on-year.
Brighton topped the list with salaries up by 13.2%, Liverpool came in second with a rise of 6.5% and Hull, currently basking in its status as European city of Culture, reported an increase of 5.9%.
These numbers are all significantly higher than the national inflation rate of 0.6%.
Lee Biggins of CV Library says that strong business and candidate appetite is a positive thing for the UK economy and revealed that January is often a busy month in terms of recruitment.
“With application rates soaring, competition amongst candidates is fierce, but as business confidence is so high, now is the best time for job hunters to make the most of the abundance of opportunities available to them,” he added.
The increases in salaries are a reflection of the way in which businesses continue to battle for the best talent available. Offering competitive pay packages is not the only way to attract the best candidates but it is a marker of how important graduates are to the planning and forward movement of the economy as a whole.
The strategy, increasingly being adopted by firms across the spectrum of employers, is clearly having an effect as can be seen by the rocketing application rates.
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