Over the last few years, businesses and workers alike have had to contend with some of the biggest challenges they’re likely to ever experience. The ‘perfect storm’ of Brexit, the pandemic and subsequent effects from the war in Ukraine are now being felt through the cost-of-living crisis, where UK inflation has risen to a 40-year high of over 10%.
Despite a 10.2% average increase in salaries across permanent roles within creative industries last year (2022 Salary Survey), this has been wiped out by soaring costs for gas, electricity, fuel, food and other goods. As a result, real wages fell at a record rate between April and June this year dropping by 3% acrossall sectors according to the Office for National Statistics.
According to Homeviews, the cost of living in London is almost £800 more per month than the rest of the UK average, making it the second most expensive city in all of Western Europe. As this crisis continues to unfold, and with the cost of living in the capital is set to worsen, London talent is already starting to explore re-location opportunities in order to stretch budgets and reclaim a healthy work/life balance.
Over the last few months, we’ve started to see the effects of the cost-of-living crisis on the creative industries with many more job seekers now open to exploring new roles, specifically in regional areas of the UK (Manchester) or internationally (Amsterdam and Berlin). August alone, we’ve seen applications increase by 36%, despite being considered a ‘quiet month’ within recruitment as most people take annual leave to enjoy the summer holidays. This is consistent with a report from TotalJobs which stated that over a third of job seekers are considering changing jobs for a higher paying salary to cover the increasing living costs.
At the start of the year we announced that Major Players were expanding into Amsterdam, where we are now able to connect senior digital, marketing, and creative talent to ambitious clients that are based in this thriving region. In contrast to the UK economy which shrank by 0.6% (June 2022), the Dutch economy grew by 2.6%, largely attributed to a strong labour market and record-low levels of unemployment.
As a result of Brexit, we’ve seen many UK businesses either relocate or grow their international teams which has partly attributed to this growth. With this brings an abundance of opportunities, and now more than ever, businesses are eager to assemble diverse, international talent teams that allow them to prioritise digital transformation, and the rapidly changing world and consumer base.
If you’re a regional or international business looking to hire the best talent the UK has to offer, or if you’re a job seeker looking for representation, then please reach out to have a confidential chat: +44(0) 7836 4041 / joe.faulkner@majorplayers.co.uk.
