The ECB announces a 0.5 percentage point jump in interest rates, aiming to stem the surge in euro zone inflation. Motivated in part by current inflation, inflation expectations of 5.2 percent on average and an exceptionally scarce labor market, flexible workers have become on average 4.7 percent more expensive in the first six months of 2022.
The hourly rate of self-employed workers and professionals employed by secondment firms is expected to have increased by an average of 10.3 percent by the end of the year. Over 3 percentage points more than we predicted - in collaboration with labor market data specialist Intelligence Group - in December 2021.
This acceleration, in addition to faster rising inflation, is due to persistent scarcity in the labor market. The number of offers per job was 7 percent lower than in 2021. In addition, the uncertainty surrounding corona has diminished, which was there at the end of 2021 and then caused a small pressure on pricing.
Increase in salaries continues to lag
Salaries are also experiencing record increases, according to recent figures from the employment conditions advisor to Dutch employers AWVN. A record monthly average of 3.8 percent in June puts the average agreed wage increase for the first half of 2022 at 3.1 percent. This does leave salaries behind the Central Planning Bureau's inflation forecast of 5.2 percent on average and the average rate increase of professionals.
Flexible workers benefit more quickly from rate trends because of the succession of different assignments. Of course, it also means that rates are more likely to fall when the labor market is less scarce and inflation is lower, which rarely if ever happens with collective bargaining agreements. Thus, entrepreneurs - which is what zzp'ers and posting agencies are - bear both the joys and the burdens of the important, flexible role they play in keeping our labor market, and thus our economy, running.
Auto mechanics farm well
Auto mechanics can expect the largest hourly rate increase this year at 15.9 percent, followed by printing and arts and crafts workers and welders and sheet metal workers (15.4 percent). In addition, metalworkers and construction workers, radio and television technicians, software and application developers and cabinetmakers, tailors and upholsterers are predicted to benefit from an hourly rate increase of about 15 percent. Construction finishers can expect the lowest hourly rate increase at 6.8 percent, followed by plumbers and pipe fitters (7.3 percent). In addition, hourly rate increases for carpenters, structural construction workers and painters and metal sprayers are not predicted to exceed 8 percent in 2022
About Talent Monitor
Each quarter Intelligence Group and HeadFirst Group make available unique insights on labor market related themes based on Intelligence Group's recruitment and labor market data, combined with HeadFirst Group's hiring data. Download the Talent Monitor 'Update - forecast rate development professionals 2022' on the hfgroup.headfirst.group website.