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Data from Bullhorn reveals 8% drop in salaries since the pandemic

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Salary inflation across the professional recruitment sector has declined

According to the latest data from APSCo, salaries have dropped since the pandemic and despite the cost-of-living crisis.

The data was provided by Bullhorn and revealed that despite the increased demand for staff since COVID-19 hit the country, average permanent salaries dropped 8% between August 2020 and August 2022. During this same period, the number of permanent jobs added increased 48%, while contract roles rose 71%.

August stats from Office for National Statistics (ONS) in 2020 revealed a growth in GDP for the second consecutive month, this latest data from APSCo has indicated that salary increases have failed to keep pace with changes across the economy. 

A similar picture is evident in pre-pandemic comparisons, with remuneration dropping 7% between August 2019 and August 2022. This suggests that salary inflation across the professional recruitment sector has declined despite demand for talent increasing. 

Ken Brotherston, TALiNT Partners CEO said: We’re seeing a market in some turmoil. Although unemployment still remains low and vacancies high, there is clearly a sea-change in confidence for both employers and staff in the recruitment sector. This is a reflection of trends in the wider economy and will continue at least until there is less uncertainty in relation to energy prices and inflation.