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Contractor pay rates increase during May

June 9th, 2014

Contractors saw a sharp rise in hourly rates last month. The fastest pay growth for temporary workers since December 2007, according to the Recruitment and Employment Confederation (REC) and KPMG Jobs Report.

The report that was published on Friday 6th June additionally found that contract staff billings also had a strong increase, while contract availability had noticeably dropped.

The monthly publication looks in to the labour market, featuring employment information from 400 recruitment and employment consultancies in the UK. It confirmed the continued concerns for skill shortages in the market. REC CEO Kevin Green commented on the findings:

“The UK’s jobs boom continues with vacancies increasing as employers look for new workers to meet increasing demand and to replace staff that have been snapped up by competitors.

“The creation of these jobs, combined with the return of job fluidity, is creating a dynamic labour market. However the big issue remains that employers are finding it hard to find the talent and skills they need, yet ONS figures show that we still have 2.2 million unemployed people in the UK.”

Engineers are no longer the most in-demand type of temporary worker and have now taken second place. They have been replaced by Blue Collar workers which is similarly the case for the permanent workforce, this suggests a serious shortage in both sectors.

The demand for contractors in the private sector remained significantly stronger than that of the public sector. Head of Business Services at KPMG regarding the report, said:

“Trying to fill vacancies in the current climate must feel like wandering through a hall of mirrors for the UK’s employers. No sooner are they in a position to reflect the improving economy by creating roles and offering tempting salaries, than the search for talent seems to reach a dead end, with candidates either preferring to hide in the shadows or failing to offer the appropriate skills.”

The South was rated second in the amount of temporary work placements available, with the Midlands having the fastest growth overall. London and the North closely followed with a continued growth of opportunities.

Article By: Ratchelle Deary, Marketing Executive at Contractor Mortgages Made Easy

Media Contact: Raman Kaur, Public Relations Manager

Tel: 01489 555 080

Email: media@contractormortgagesuk.com

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