London employers are struggling to find the talent they need to fill job roles, new data has revealed.
There was a 6.6 per cent decline in candidate applications for new roles last month as Brexit uncertainty grips the market.
Although London’s job market has remained largely resilient over the past few years there is a notable sense that professionals may be feeling tentative about making their career move.
Average salaries for new roles in London rose by 2.1 per cent last month as a result of the talent shortage.
In real terms, this salary rise equated to an additional £827 for workers in the city, with average salaries going from £38,892 in February 2018 to £39,719 in February 2019.
Alongside this, London saw a steady 6 per cent rise in jobs advertised last month, exceeding the national average by 2 per cent.
Lee Biggins, founder and CEO of CV-Library comments: “It’s not surprising that professionals are showing more caution about applying for jobs right now. With the outcome of Brexit still not confirmed, Londoners want to stay safe in the knowledge that their current employer will protect them, no matter the result of the Brexit deal.
“And, while this can help many employers with their retention efforts, this does pose an issue for companies recruiting for new positions.
“Indeed, it’s no secret that there’s a mass talent shortage across the UK, exacerbated by the fact that EU net migration is at the lowest it’s been in 10 years. That said, net migration from outside the UK is the highest it’s been since 2004 and it’s hoped that this will bring a fresh source of talent to UK employers.”