Business Consultants Are Having a Great Brexitby
Adzuna reports jump in vacancies and salaries for consultants
Hiring slows in August but skill shortages underpin wages
Brexit is proving a boon for some workers, according to a survey that paints a generally upbeat picture of the labor market since Britain voted to leave the European Union.
Vacancies for business consultants rose 5 percent in August and were up 10 percent from a year earlier, job-search engine Adzuna said in the report published Tuesday. Average salaries climbed 9 percent on the year to almost 48,000 pounds ($62,000).
“In an uncertain environment, companies are looking for highly skilled experts, without having to shoulder the burden of an expanding wage bill,” said Doug Monro, co-founder of the website. “Consultants are also helping them demystify the business consequences of the vote.”
He said other industries like public relations are also seeing salaries rise as employers prefer to commission projects to outside agencies, rather than hire permanent internal staff.
The labor market overall saw advertised vacancies fall 2.7 percent from July to 1.12 million, which Adzuna partly blamed on the traditional summer slowdown.
“Jobseekers looking to move into a new role are facing a slightly slimmer array of options,” Monro said. “Hiring has certainly not ground to a halt as many predicted after Brexit, however. This is a seasonal suspension, not a long-term lull.”
The average salary, meanwhile, rose 0.3 percent to almost 33,000 pounds, the first increase in five months, suggesting companies are having to invest more to attract top talent. Skilled workers in areas like technology and engineering remain “hot property,” Monro said.
The U.K. economy has fared better than many expected since the June referendum, though analysts warn that risks abound. Accelerating inflation threatens to hurt consumers and the latest Bank of England survey shows weakening investment and hiring intentions.