Fraser Gough could not believe his luck. Earlier this year the 23-year-old, who works in digital marketing in London, was contacted by a recruiter on the professional networking website LinkedIn to see if he would be interested in a job at Clearpay, a payments company. It was an offer he could not turn down. He got a 40 per cent pay rise to ￡35,000, equity in parent company Square and a series of perks. This included free gym membership, money for bills to help him manage his working from home costs, and opportunities to work in San Francisco.

“I don’t even have a degree. I’m self-taught,” says Gough, who joined in March and has been working long hours and going to great lengths to build up his knowledge in the sector. “I’m now trying to go for another raise, and I think I’ll get it.”

Despite surging inflation and fears that the UK will be heading into a prolonged recession, unemployment has stayed low and companies have continued to hire, often paying bumper wages. Even as some observers expect businesses to scale back on spending and recruiting in response to a looming slowdown in demand for goods and services, every sector — from technology to hospitality, construction and life sciences — is still experiencing a talent crunch.