Wage growth for entry and lower-level travel jobs stalling – C&M
James ChappleRecruitment activity "dipped" during the first half of the year (H1), while wage growth for entry and lower-level travel jobs has stalled, according to C&M Travel Recruitment.
The findings from C&M come despite an almost 13% jump in average travel salaries during H1 to £37,747, which follows a 12.5% uptick during the same period last year, and a near 7% increase in standard travel salaries (those paying up to £40,000) to £31,275, which too follows a 6% rise during H1 2023.
C&M said the increases appeared to stem from a large number of roles paying between £40,000 and £55,000, which is below the threshold for what it describes as senior travel salaries (those paying upwards of £60,000).
Pay for these roles has dropped by around 8% during H1 2024 to £53,925, contrasting starkly with a 17% pay uptick in senior travel salaries during H1 2023.
The increases mean the average wage for new travel jobs has risen by £4,302 since the first half of 2023, while pay for standard travel travel jobs has increased by £1,985.
’Not the full story’
"On the face of it, salaries in the travel industry are increasing by double digits year after year, which is fantastic news, but this isn’t the full story," said C&M managing director Barbara Kolosinska.
"Wages are certainly rising for some in-demand roles, and we are seeing an increasing number of positions that are now offering very attractive salaries in the £40,000 to £55,000 range. This is excellent news for candidates at this level who now have a range of roles offering salaries at the same level as similar positions in different industries.
"However, after the big hike in pay for lower-level roles that we saw following the pandemic, wage growth for many of these positions has now stalled. This gives these employees little incentive to re-enter the jobs market and change roles."
In addition, after a resurgence in travel recruitment activity during the first half of 2023, new candidate numbers fell by 11% during H1 2024 compared with the same period last year. New vacancies were also down in H1 by more than a third (34%) while the number of new travel jobs being filled also fell by around a third (32%).
"The year has also seen an overall dip in recruitment activity in the travel industry due to a combination of factors," Kolosinska continued.
"After the pandemic, there was an unprecedented increase in travel recruitment between autumn 2021 and spring-summer 2023. Many companies filled long-term vacancies during this period using a significant amount of their recruitment budgets, and now have a smaller number of vacancies to fill.
"But with the recent general election providing clarity regarding the government’s position going forward, we’re hopeful that this will inspire confidence and prompt many travel companies to broaden their recruitment plans."
Kolosinska: 'No one is sure just what's round the corner'
"The market is challenging this year for many reasons," Kolosinska tells TTG. "We've had the general election and the European Championships, and we've got the Olympics coming up too. The economy's not in a great place either, that's not helping. Yes, some travel companies are flying right now, but we are seeing some clients holding back on their hiring decisions because trading hasn’t been as good this year as they had hoped.
"It is a candidate driven market, but it is not as buoyant as it has been. Some candidates are cautious about leaving their current employer and looking for a new job because they need the security – they're not sure what's around the corner. All of those factors are impacting the overall situation.
"In terms of salaries, it is an unusual market at the moment – there is no clear trend or trajectory, no one-size-fits-all approach. We've seen a reduction in demand for business travel roles so far in 2024, and this is having an impact on the overall average salary across the whole travel industry. And despite being higher than they were pre-pandemic, salaries for lower-level travel roles are also still an issue and need to be addressed.
"On the positive side, we've seen an increase in roles within the £40,000 to £55,000 bracket, which shows many travel companies are looking to recruit more experienced candidates such as those in junior middle management or senior consultants. These companies are looking for the best talent and are investing in it, because candidates simply must have quality and experience at this level. These are the companies that are reaping the rewards because they are securing the very best talent out there."
Barbara Kolosinska is managing director of C&M Travel Recruitment.
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