Employment and Salary Trends and News for 2017

 

Keeping up to date with the UK employment market is vital when running a business. Having knowledge of the latest trends and statistics regarding employment culture, law and salaries will ensure you keep one step ahead of your competitors.

  •  In 2017 the UK saw its lowest unemployment rate in 42 years according to The Office of National Statistics, with a high of 75.3% of the population being employed. The continued rise in employment, coupled with falling unemployment, is further evidence that the UK jobs market remains resilient, with firms continuing to recruit
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  • The British Chambers of Commerce is concerned that the number of job vacancies remains well above the historical average - a further indication of the continued skills shortage faced by business, which is weighing on productivity and growth prospects. Their latest research found that half of UK firms had faced skills or labour shortages over the past year. Reasons include an ageing population and evidence that non-UK nationals have been leaving the country due to impending Brexit and devalued sterling meaning that their income has been cut significantly when converted back to other currencies
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  • Flexible working proved hugely beneficial to businesses, reducing employee stress levels and increasing productivity
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  • With the rise of inflation, many are questioning whether salaries are going to increase with it. According to the BDO weak productivity growth, driven in part by economic uncertainty, is thought to be holding back pay growth. A major challenge for the labour market
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  • Providing a strong benefits package has become popular amongst many companies. If your company becomes known for offering great benefits it then can become easier to recruit talented employees
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  • Social media screening is becoming more prevalent in the hiring process. Some large firms are now involving artificial intelligence in recruitment
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  • We have noticed a hesitance amongst candidates to change jobs, due to fears over the impact of Brexit and a desire for stability. This means that employers need to be making an even more compelling case for making a move.
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  •  The General Data Protection Regulation (GDPR) comes into force in 2018. Any employers keeping a database of applicants (HR departments/internal recruiters) will need to ensure that they are compliant with this. Penalty for non-compliance is a fine of up to €20M.