Saturday, January 22, 2022

Salaries are driven up by staff shortages and job vacancies, with new lawyers making £ 150,000

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Recruiting firm Robert Walters says wages are driven high by “fierce competition for talent” with staff shortages in all locations and in all sectors.

Robert Walters said wages have been driven up by “fierce competition for talent” with staff shortages in all locations and sectors.

The UK labor shortage is so severe that some entry-level salaries are 50 percent higher than usual, a recruiter warned.

Alan Bannatyne, the company’s chief financial officer, said many UK workers were quitting for higher paying positions as hiring companies had a record demand.

“15 percent is the minimum wage increase we’re seeing, but some raise their salaries by up to 50 percent,” he told the BBC. “Unless something significant happens, 2022 should get even better for employees.”

The latest official figures show that there were 1.22 million job openings in the three months to the end of November, 434,500 more than before the pandemic.

Robert Walters said the legal, commercial, finance and technology sectors are the hottest markets for hiring right now.

Figures released Monday by recruiter BCL Legal and data firm Vacancysoft showed newly qualified lawyers in the top law firms are now earning up to £ 147,000 as a starting salary.

Robert Walters had the best month ever for December, bringing group-wide net fee income up 39 percent year over year to £ 95.1 million in the fourth quarter.

The company’s net fee income increased 21 percent for full year 2021.

Founder and CEO Robert Walters said: “We see a shortage of candidates across all locations and disciplines, fierce competition for talent and wage inflation, which together create enormous opportunities in the entire recruitment market.”

The company said net fee income in the UK rose 7 percent to £ 16 million in the last three months of last year.

The group said last July that salary increases of up to 30 percent for some hard-to-fill positions across the UK were “commonplace” when the hiring crisis erupted.

The recruiting sector has seen a boost around the world as economies reopened since the early lockdowns of the pandemic and Robert Walters saw heavy trade in all of his international operations.

The company’s strongest growth in the fourth quarter was in the Asia-Pacific region, with fee surplus up 56 percent, with Europe leading the way at 36 percent and up 48 percent compared to other overseas markets.

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