A new survey shows growing confidence among workers with almost two-thirds saying they feel positive about their job security over the next six months.
In addition to this, pay confidence has also spiked, going up 23.1 points.
However, the Robert Half report warns that these findings are potentially creating a ‘perfect storm’ for inflation issues persisting.
Matt Weston, Senior Managing Director UK & Ireland, at Robert Half, explained, “Labour market tightness remains unchanged as a slight decline in unemployment was matched by a continued decline in vacancies. Much of this tightness can be attributed to high levels of economic inactivity since the pandemic creating a dearth of much need skills.
“As a result, worker job confidence is on the rise and wage growth, although declining, is tracking above inflation. However, the issue underpinning worker confidence is the ongoing skills shortages we are facing.
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“Skills shortages harm employers, and hinder company – and therefore national – growth prospects, productivity, and innovation. Conversely, the demand for skilled talent continues to keep the ball in workers’ courts where bargaining power is concerned.
“Armed with confidence in their niche skill sets and experience, today’s confident workers can jump ship to pursue new opportunities if their employer doesn’t meet their reward and career expectations.
“Without increased support from the Government and businesses, systemic skills shortages combined with the tight labour market risk wage growth that could see inflation creeping back up once again. This could cause a significant drag on economic prospects at odds with the growth agenda.”
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