UK employment picture remains very unclear
Matt Weston, managing director of Robert Half UK, comments on today’s ONS Labour Market Overview: “Despite the Chancellor’s announcement that the furlough scheme will be extended for those impacted by new COVID-19 restrictions, the UK’s employment picture remains very uncertain.
“While we might expect businesses to be confident in their ability to secure and retain top talent in a more competitive jobs market, our latest research found that four in five firms are actually concerned about losing key staff, with a third of them pointing to salary reductions and their inability to increase wages as their primary cause for concern.
“Though salaries have in the main held steady so far this year, businesses are now having to look at alternative benefits to compensate staff in lieu of increases going into 2021. Non-financial incentives, such as mental health resources, wellness programmes and flexible working can all help make the prospect of a salary freeze more palatable.
“More widely, it is positive to see certain sectors continue to show strong demand for new hires including financial services, professional services, healthcare, pharma, biotech, publishing and manufacturing. Businesses looking to hire here in particular should remain on top of the latest salary trends and be prepared to move quickly and negotiate effectively – using both financial and non-financial benefits – to attract and keep the best talent.”
