Two-thirds of UK companies are considering axing jobs due to economic uncertainty, according to a new major study.
The findings, contained in a new research report commissioned by PAYALLY, leading financial specialist with global expertise, revealed that 67% of business leaders were considering slashing headcount to balance the books.
The survey, which quizzed 500 senior business decision-makers in large and medium-sized companies was conducted by independent polling agency Censuswide in March.
When asked to rank the main factors which have triggered job cuts, 76% cited the Chancellor’s increase in National Insurance (NI) taxes, followed by 65% saying high interest rates.
Other burdens identified were high costs associated with payroll systems (54%) and overheads around payment transfers (62%).
Over half (52%) said they plan to review their payroll and payments provider in the next year. Meanwhile, a further 63% said they intended to expand overseas to increase revenue.
Additionally, 56% of respondents said they would benefit from a single platform to manage their payment systems.
Responding to the report’s findings, Rafal Andzejevski, founder and CEO of PAYALLY said: “With businesses facing huge financial pressures and higher taxes, ambitious organisations are seeking new routes to drive revenue and weather the economic storm. For too long the high costs associated with international payment transfers and payroll systems have been a roadblock to business growth. Moving forward, organisations seeking faster, more effective operations should look to consolidate these core functions with one single platform and provider.”
“Our team is ready to support businesses facing these challenges, offering a complete financial infrastructure, tailored to individual needs, with a personalised approach to pricing. Other key offerings include consultancy on money transfers and payroll, with our extensive ecosystem empowering growth.”
