From 2013 to 2023, wages and salaries in employment services in the UK grew from £13.71 billion to £20.84 billion, indicating a consistent upward trend. In 2023, the value stood at £20.84 billion. Year-on-year variations show fluctuating growth rates, with notable increases such as 20.43% in 2013 and occasional slowing, as seen in 2016 with a slight decrease of -1.16%. Over the past five years (2019-2023), the Compound Annual Growth Rate (CAGR) averaged 2.9%, reflecting a more moderate growth pace.
Forecasted data from 2024 to 2028 suggest continued growth, albeit at a slower rate. The average annual growth rate (CAGR) for this period is projected to be 1.87%, with a total growth rate of 9.73%. This deceleration indicates a maturation of the market or potential economic influences impacting growth.
Future trends to watch for include the impact of economic policies, changes in labor market dynamics, technological advancements, and potential disruptions such as economic downturns or regulatory changes. These factors could significantly influence wage growth in the employment services sector.
