Employeees in Peterborough can look forward to a pay rise in the new year as confidence in the city’s economy continues to grow, according to a new survey.
Salaries in most sectors were pushed up last year and experts say further rises - some higher than 2.5 per cent - will come this year.
We are seeing many businesses preparing to hire and increase salaries.Geoff Sims, regional managing director
This will be fuelled by the need for companies to recruit more staff but also by the difficulties they will face finding people with the right skills.
The hopeful New Year message comes from recruitment firm Hays UK, which has offices in Cowgate, Peterborough, following a survey of more than 1,200 companies across the region.
Its Salary and Recruiting Trends 2016 report shows that salaries in the region grew by 1.5 per cent last year.
It states the average professional salary is £45,583 with employees in the construction, procurement and IT sectors seeing some of the biggest salary increases in the region.
And it says 67 per cent of employers expect to increase salaries this year and 17 per cent expect to increase salaries above 2.5 per cent.
Geoff Sims, regional managing director at Hays, said: “As confidence in the region’s economy is high we are seeing many businesses preparing to hire and increase salaries.
“However, a skills shortage remains a key concern and employers who can’t offer competitive remuneration packages will find it difficult to attract top talent which could stifle growth.”
Three months ago, Paul Brown, of accountants Grant Thornton, said the average salary in Peterborough had shot up last year from £21,000 to £24,000.
Other findings from the Hays UK survey include:
Sixty-eight per cent of employers expect business activity to increase, while 75 per cent plan to recruit more staff in the next year.
Fifty-eight per cent of employees in the region are planning to switch jobs next year.
Fifty-three per cent off staff are dissatisfied with their current salary.
Thirty-six per cent are moving jobs for a better salary.
Peterborough MP Stewart Jackson said: “I am very encouraged that with increasing wages in Peterborough that the economic growth we’ve seen in the last two or three years is benefiting many more people and giving the lie to the myth that the city is a low wage and low skills economy.
“Talented, well qualified people continue to want to come and work in Peterborough and why not as it is increasingly becoming a great place to live, work and bring up a family.”