UK businesses are facing a downturn in hiring confidence, with a net hiring outlook of just 8, the lowest since 2014, excluding pandemic years. This decline is most pronounced in large private-sector companies and retailers, with only 32% of private-sector firms anticipating staff increases while 24% are considering redundancies. Recruitment agencies note a rise in jobseekers and a drop in permanent and temporary staffing demands. Although wages for temporary roles have seen hikes due to minimum wage increases, overall pay growth remains low compared to historical benchmarks.
UK businesses are experiencing a significant decline in confidence regarding hiring, primarily due to rising labor costs and economic uncertainty, marking the lowest employment outlook in years.
With the net hiring outlook dropping to just 8, firms are scaling back staffing plans and showing hesitancy to add new employees despite rising wage demands.
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