"The labour market remains tight and unfilled vacancies are at historically high levels – in short top talent is hard to come by whatever the sector. Combining this with the expectation that 47% of workers will be looking for a new job in 2023, as per a recent Robert Half survey, means businesses will need to pull out all the stops to attract and retain talent.
Labour market forces have given companies little choice but to adjust remuneration packages in light of the cost-of-living crisis. The latest ONS [Office for National Statistics] figures show wages have increased at the fastest rate in over two decades, with average private sector regular pay growth at 7.2%, yet even this does not meet prices inflation - resulting in over two percent pay decrease in real terms, which is even larger for public sector workers.
Even with 43% of those in our latest survey indicating their moves are primarily motivated by the desire for a better pay, throwing money at the problem is not enough. Successful attraction and retention strategies should also factor in tangible career development opportunities, wellbeing packages and increased flexibility amongst others." - Matt Weston, Senior Managing Director - UK&I, BeNeLux & UAE at Robert Half
