Bumper pay rises at UK firms to plug staffing gaps
UK employers are planning the biggest round of pay rises in years as they race to keep wages at pace with inflation and battle to plug staffing gaps, a survey has found.
Research by the Chartered Institute of Personnel Development (CIPD) found that expected median annual pay for 2023 rose to 5%, the highest since the organisation began collecting the data in 2012, with more than half of respondents to the CIDP’s survey complaining of having difficulties filling vacancies.
Jon Boys, an economist at CIPD, told the Reuters news agency: “Skills and labour remain scarce in the face of a labour market which continues to be surprisingly buoyant given the economic backdrop of rising inflation and the associated cost-of-living crisis.”
Recap: Top stories from Friday and the weekend
Good morning. Here are the top stories from Friday and the weekend:
- The UK looks to have avoided recession in 2022 after estimates showed GDP unchanged in the final quarter of the year.
- Standard Chartered shares fell 6% or 44.8p to 722.8p.after First Abu Dhabi Bank scotched speculation that it is still working on a bid for the Asia-focused lender.
- Social media giant Meta has delayed team budgets as the firm is poised for a further round of job cuts, the FT reports.
- The conglomerate owned by billionaire Gautam Adani has halved its revenue growth target and is seeking to pause capital expenditure in the wake of a report into alleged accounting malpractice by activist investor Hindenburg Research.
