CIPD research also finds pay expectations have hit a ‘record high’ in the private sector as many employers are still looking to fill vacancies
The ongoing hiring boom and rising private sector pay could soon hit a peak as a result of inflation and a forecasted recession, the latest Labour Market Outlook from the CIPD has found.
The findings come despite figures predicting that strong recruitment intentions will continue into the next quarter, with seven in 10 (72 per cent) employers expecting to hire in the next three months.
In fact, with many organisations still looking to fill vacancies, the CIPD also found that pay award expectations have hit a record high in the private sector, rising to a median of four per cent, which marks the highest of any sector in the Labour Market Outlook’s current time series, which began in 2012.
However, Jonathan Boys, labour market economist for the CIPD, said that despite employers pulling out all the stops to attract and retain staff, record pay levels won’t continue forever and other benefits should be considered. “To deal with the cost-of-living crisis, employers will have to look at other ways they can support their people. Employer benefits that help reduce the cost of housing, travel and childcare will be of particular value...
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