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12 July 2017

Employers find new ways to attract and reward staff in this skills-need climate

Employers find new ways to attract and reward staff in this skills-need climate

The trend to single out staff members for specific pay rewards is moving away from company wide rises and pay deals to allow for skills shortages, according to a survey by the Bank of England.

Its Regional Agents report The Bands survey of some 400 businesses highlighted employment would continue to grow with more recruiting than cutting staff numbers. Lower immigration levels are being felt as the lower exchange rate had acted as a pay cut for migrants.

It reported most pay settlements were between 2% and 2.5%. It did however report growth in total labour costs had remained subdued rather than rising which might be the case in high demand for labour.

Source: Bank of England

 

 

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