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How are you coping with “The Salary Squeeze” ???
With inflation reaching a 30 year high it estimates that the average UK worker will be around £13,000 pa worse off.
We hear from Jon Wilson, the CEO of Total Jobs who confirms that “everyone is feeling the pinch of the rising cost of living”, resulting in more people considering a change of career, just to give themselves more financial security.
Over a third of UK workers state that their current salary does not provide enough for them to have a good quality of life and many struggling just to survive, meaning any further increase in the cost of living may push them over the edge!
Jonathan Portes, Professor of Economics and Public Policy at Kings College London reported that the majority of workers expect their pay to shrink in real terms.
Almost 40% of workers feel they have no choice but to change jobs within the next 12 months and almost half would consider a change of industry if it meant a greater level of salary.
What does this mean for struggling businesses that are also experiencing significant increases in costs? Over a fifth have raised concerns about the risk of redundancies and those businesses that are managing to cover their increased costs are struggling to retain existing staff, in fact, staff retention is continuing to stifle
growth.
Contact Morgan Ryder if you are an employer and you are struggling to retain staff OR need advice on recruitment / retention OR if you are an employee and you are seeking a new challenge.
Morgan Ryder specialises in the recruiting staff in the manufacturing and distribution sectors. Our staff have an average length of service of 10 years+
If you want to speak to an expert in production, engineering, supply chain, HR, finance or sales contact us today!
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