Why construction professionals' salaries are at a record high
As we’re sure you are well aware there is a skills shortage across the UK construction industry, which means only one thing… skilled construction professionals are in high demand!
Figures released by the Construction Industry Training Board (CITB) last month show that the UK construction sector will require over 220,000 new hires over the next five years just to keep the industry on an even keel and with the number of professionals expected to retire over the next 5 years this gap will only continue widen.
The knock on effect is that clients across the UK are battling with each other for the best talent available and to stand out from the crowd they are offering some of the highest salaries seen in the construction industry… they call this the ‘war for talent’.
Some planning professionals have seen salary rises similar (in terms of percentages) to finance professionals in the London banking district and with hefty bonuses being included into packages this really is a great time for construction professionals.
This situation doesn’t seem to be coming to an end anytime soon as industry analysts are positive that industry growth will continue over 2015 by 5.5% and in 2016 by a further 6.2%, which is expected to be lead by the private sector.
This is great for construction professionals who are looking for the next career step as employers are well aware of the increasing gap and are open to offering increased salaries to tempt employees away from competitors.
Have you noticed this increase in salaries and demand and do you think this growth is achievable given the lack of skilled professionals across the UK?
Written by Project Resource