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Recruitment Roundup #13
In today’s Recruitment Roundup we cover the latest story shedding light on firms fearing losing staff as retention challenges intensify. In the current economic climate, businesses across the UK face an uphill battle to retain their valuable employees. A recent study has uncovered a growing concern among HR leaders regarding staff retention amidst the ongoing cost-of-living crisis. Let's delve into the key findings of this study and explore the implications for businesses.
Recent research involving 500 HR directors/business owners sheds light on the challenges faced by businesses in retaining talent during times of economic strain. The study, conducted by Nous.co, a household money-saving tool, reveals some alarming statistics:
- Nearly three-quarters of HR leaders express apprehension about losing crucial talent within their organisations.
- A staggering 90 percent of HR leaders are worried about staff departure due to their inability to meet the escalating demands for pay raises in line with inflation.
- 88 percent of respondents have reported an increase in requests for pay raises since the onset of the cost-of-living crisis.
Wage Growth Trends
Wages in the UK are experiencing one of the fastest-recorded growth rates. The latest data from the Office for National Statistics reveals a 7.8 percent increase in wages (excluding bonuses) between June and August 2023 compared to the previous year. This significant rise in wages further highlights the challenges faced by businesses in retaining their workforce.
Despite the retention challenges, businesses are exploring innovative solutions to mitigate the impact of the cost-of-living crisis on their employees. Nous.co has recently collaborated with several major employers to offer membership to teams through Nous for Business. This initiative aims to assist employees in saving significant amounts of money by securing fairer deals and managing the intricacies of switching providers.
Employee Financial Difficulties
Three-quarters of HR leaders acknowledge that their employees are grappling with financial difficulties amidst the cost-of-living crisis. This is attributed to the surge in pay demands and discontent with what companies can afford to pay. One senior HR professional, speaking anonymously, expressed the dilemma faced by many businesses: “We understand our staff are struggling and need a decent pay rise, but we just can’t afford to give out huge increases without putting the business at risk.”
Greg Marsh, CEO and founder of Nous.co, commented on the challenging situation HR leaders face: “Our research shows just how challenging things are for many HR leaders at the moment. Businesses are losing their best people as they struggle to keep up with pay demands.”
Conclusion
As businesses navigate the challenges posed by the cost-of-living crisis, the retention of talented employees emerges as a critical concern. Creative solutions and innovative strategies are essential to address the escalating pay demands and financial difficulties faced by employees. By prioritising the well-being of their workforce, businesses can mitigate the risk of losing valuable talent and foster a more resilient organisational culture.