Wages and Rising Inflation
The cost of living between November and January has largely increased, meanwhile workers’ wages remain semi-static.
During 2021 the average wage increased by 3.8% and although this is a growth it doesn’t sit parallel to the inflation of necessities such as food, energy and household goods which has increased to the highest levels in 30 years. Employees have been warned that they should expect to feel the strain as the months progress, especially those with a lower wage bracket. Unemployment levels have also increased to 3.7% between January and March yet job vacancies remain prominent with an outstanding high of 1.3 million available.
Moving Forward...
At this stage employers should consider their personal responsibility to think about the next move out of the pandemic. Recruitment agencies have also adapted to offer new and innovative ways to encourage candidates to remain in work and attract the desired talent.
A current survey from the Chartered Management Institute found that 84% of firms had adopted hybrid working with retention becoming a prominent issue within employment. Businesses such as ours are doing what we can for both existing staff helping them to hire in a market where there is a sever labour shortage and also new candidates looking for regular employment.
Here at Brite we understand that rising inflation makes both the effort put in at work hard, and reduces the gains workers feel from pay rises. We have and fulfil a responsibility to ensure we are offering jobs that only present the best businesses to work with.
