With workers continuing to demand pay increases in line with inflation, businesses are to prioritise increasing salaries.
The Hiring Trends Index, compiled by Totaljobs, surveyed 1,000+ HR decision-makers in the UK and found that a third of firms are planning to increase wages and bonuses at the start of 2024.
According to the report, securing another job with higher pay was the leading factor for workers to move jobs between October and December 2023 (29%).
Julius Probst, European Labour Market Economist at Totaljobs said, “Whilst inflation has fallen in the past six months, its effects continue to drive shifts in both wages and the labour market, but it is essential to recognise that money isn’t the sole factor.
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Email Jaime“Keeping workers engaged and motivated is equally crucial. Amid broader uncertainty, employees seek roles that offer progression and opportunities for skill development. This not only enhances staff retention but also strengthens a business’s brand proposition, making it easier to hire.
“Businesses must prioritise long-term needs by identifying skills gaps and providing staff with training in cutting-edge solutions like AI. This approach ensures staying ahead in the market and fostering engagement among existing employees.
“Recruitment and retention should go hand in hand, necessitating a review of engagement strategies and benchmarking salaries to achieve successful recruitment objectives this year.”
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