Salaries across engineering increased year-on-year in November and December as skill shortages continue to hit the sector. That’s according to new research from the Association of Professional Staffing Companies (APSCo), the trade association for the recruitment sector.
The data, provided by the world’s largest network of job boards, Broadbean Technology, revealed that pay increased in the final months of last year, with average salaries up 6.3% in November and 2.4% in December when compared to the same month in 2021. December’s increase marked the third consecutive month of growth for average salaries.
While this data is somewhat indicative of employers responding to the cost-of-living crisis, it is also a sign of the increased pressure on wages as competition for talent grows. The engineering remit has long faced a talent shortage and the data suggests that the number of active job seekers fell in line with salary increases.
The statistics show a 7% decline in applications between October and November while December’s levels more than halved month-on-month (52%). While job numbers also reported seasonal dips in the final month of 2022, this decline wasn’t on the same scale as the drop in applications, which were down 25.2% between November and December.
Ann Swain, CEO of APSCo comments:
“Salaries across the engineering sector are growing as the gap between supply and demand continues to increase. With application numbers dropping towards the end of last year, the data suggests competition for engineering talent will be tough in the first quarter of 2023 at least. Despite a slowdown in jobs towards the end of the year – which is to be expected during the quieter holiday period – the overall picture for last year was one of increased hiring activity. It will be interesting to see how the economic climate influences this demand in the coming months.”
Find out more: www.apsco.org
