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When prices for goods and services rise, employers may feel compelled to raise salaries in order to maintain employees’ purchasing power. However, despite concerns about inflationary pressures, wage growth has remained relatively subdued in the UK over the past few years. What does this mean for your business, and more importantly, your employees? What Is The Lack Of Wage Inflation In Amongst General Inflation? One of the key features of the UK economy in recent years has been the lack of wage inflation in spite of strong economic growth and low unemployment. This puzzle has puzzled economists and policy-makers alike. There are a number of potential explanations for this phenomenon. One possibility is that technological change has led to a 'reshoring' of manufacturing jobs, which has put downward pressure on wages. Another possibility is that the UK's flexible labour market has made it easier for employers to adjust to changes in demand, without passing on the cost to workers in the form of higher wages. Whatever the cause, the lack of wage inflation has had important implications for economic policy. Seeing The Result Of A Lack Of Wage Inflation In the UK, wage inflation has been relatively low in recent years, even as general inflation has risen. This has had a number of impacts on the economy. Firstly, it has put pressure on household budgets, as workers have seen their real wages decline. This has made it difficult for many people to keep up with their monthly expenses. Secondly, it has led to increased inequality, as those at the top of the income ladder have been able to maintain their purchasing power while those at the bottom have struggled to do so. What This Means For People Who Are Looking For Work When the cost of living goes up, workers expect their wages to keep pace. Otherwise, they may look for other work that pays better. The same is true when competition for jobs is fierce; employers may have to offer higher wages to attract and retain good employees. And when the supply of skilled labour is low, workers can command higher wages because companies are willing to pay more to get the talent they need. Headway’s Advice For Employers In order to keep up with attracting the best talent in the industry and stay relevant as a business in the UK, it’s vital for employers to increase their employees’ and new recruits’ salaries or offer remote work. Visit Headway Recruitment for more advice. Image source: Unsplash

What causes low retention rates in temporary and permanent roles? It's no secret that the UK has a retention problem. A recent study by the CIPD found that the average employee in the UK stays with their employer for just 4.2 years - less than half the global average of 10 years. While there are many possible reasons for this, one of the key factors is poor job fit. In this blog post, we'll take a closer look at what causes low retention rates in temporary and permanent roles, and discuss some strategies for improving job fit and reducing turnover rates.   The Main Reasons For Low Retention Rates In Both Temporary And Permanent Roles One of the most common reasons is poor working conditions, including long hours, low pay, and poor benefits. Other reasons can include a lack of job satisfaction or opportunities for advancement. Additionally, some employees may leave due to personal reasons, such as relocating to be closer to family or attending university. Finally, some employees may simply be unhappy with their current position and decide to seek employment elsewhere. No matter the reason, high turnover rates can be costly for businesses and can lead to a decline in morale among remaining employees. The Benefits Of Having A High Retention Rate A high retention rate has several benefits for employers. First, it helps to reduce training costs, as new employees require less orientation and familiarisation than those who are starting from scratch. Second, it helps to improve morale and motivation levels among existing staff, as they feel valued and appreciated. Finally, it helps to create a stable work environment, which can be crucial for businesses that rely on continuity and predictability. Tips For Increasing The Chances Of Keeping An Employee In A Temporary Or Permanent role While there are many factors that can contribute to employee satisfaction, there are a few key things that employers can do to increase the chances of keeping an employee in a temporary or permanent role. First, it's important to provide clear and concise job descriptions. This will help employees understand exactly what is expected of them and will reduce the likelihood of them becoming overwhelmed or burnt out. Second, employers should focus on creating a positive work environment. This means providing adequate resources, maintaining open communication channels, and promoting a healthy work/life balance. For more advice about retention rates for UK employers, visit Headway Recruitment. Image source: Unsplash

Over the past two years, the working landscape has changed in many ways. This has, inevitably, left many feeling unsure and in need of support - whether you are a recruitment specialist, an employer or a job seeker. Here, we take a look at REC, and how they can help those of us who work in recruitment to feel more supported and connected. What Is REC? REC is The Recruitment and Employment Confederation. They make up a network of recruitment agencies, covering many different employment areas. REC aims to empower recruitment agencies to strive to meet the highest standards there are in recruitment, improving things for recruiters and job seekers alike. What Is REC Aiming To Achieve? REC prides itself on providing a framework to help your business demonstrate its high quality. With a Code of Professional Practice that members adhere to and a gold standard audit, REC strives to make your business more compliant and therefore more successful, whatever industry you work in. They promote a culture of diversity and inclusion for all, and there are even specialised audits for those working in education recruitment. What Does REC Offer? REC offers a range of support for its network of over 3,300 recruitment companies in the United Kingdom. Aiming to become the central point for providing advice and support for recruitment agencies, REC provides business and legal advice for recruitment agencies. There are also many options for further training, whether you are at the beginning of your career or just looking to add more strings to your bow and grow your expertise. How Can REC Help? REC not only supports through legal advice and business support, but they also aim to connect recruitment agencies with one another in a large network. They provide workshops and conferences designed to educate and help companies grow. However, these events (totalling over 300) are not just designed to exist in a vacuum. They also give recruitment agencies a chance to meet others that they may not normally come across in their working life. This can provide every recruitment agency with the chance to grow a reputation in their own industry and beyond. As you can see, REC is an extremely useful network for recruiters, with REC group recruitment growing. In a time when getting extra support is more important than ever, this could be a good time to consider how the Recruitment and Employment Confederation might be able to help you. Contact the experts at Headway to find out more.   Image Source: Unsplash