As many as 80% of UK firms say that they are concerned about the impact the cost of living will have on their business.
The Totaljobs research shows that the biggest concerns are:
- Their own overhead costs increasing (48%)
- Staff retention levels (38%
- Their ability to offer competitive salaries (28%)
A staggering 96% of businesses say that they would like to see support from the government in order to deal with the rising cost of living.
The support they would like to see includes a reduction in energy bills, as well as measures to reduce the cost of living for workers.
- 44% want the government to cancel the National Insurance hike.
- 40% would like to see increased financial help for workers.
- 23% want the government to reduce regulation.
Jon Wilson, CEO of Totaljobs, commented, “Vacancies have continued to grow and without the right support from government, the challenge to find talent remains to be solved. We’re already seeing an increasing number of people looking for work in different sectors as the rising cost of living prompts many to seek better paid work. This is particularly the case for essential workers or those on lower incomes.
“Meanwhile, employers have real concerns for the wellbeing of their employees when it comes to addressing financial stress. It’s really encouraging to see so many employers are already taking vital steps to help mitigate the challenges employees face in a changing economy, but they understandably want to see the Government do more. In the meantime, employers will be looking to strike the balance between attraction and recruitment strategies while investing in, and rewarding, existing staff.”
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