"In a sign of the damage that the budget timing and constant speculation has had on business action, 87% of businesses paused hiring decisions ahead of the announcement. Yet only 39% now plan to resume hiring, with a further 36% continuing to hold off in the short term. Cost pressures remain the central concern as 73% of businesses expect the Budget to increase employment costs."
"63% said changes to the minimum wage and frozen NI thresholds would lead to an increase in part-time or temporary staff to try and mitigate the increased costs - particularly in labour-intensive sectors such as retail, logistics and hospitality. However, when looking over the next 12 months, there was more positive news with businesses cautiously suggesting an increase in hiring. 36% indicated they would significantly increase hiring and a further 35% said they would slightly increase hiring."
A survey of 580 businesses and recruiters found 47% expect the Budget to boost hiring while 43% expect it to hinder hiring. Eighty-seven percent paused hiring decisions ahead of the announcement, and only 39% plan to resume now while 36% will continue to hold off in the short term. Seventy-three percent expect the Budget to increase employment costs. Sixty-three percent said minimum wage rises and frozen NI thresholds will push firms toward more part-time or temporary staff, especially in retail, logistics and hospitality. Over the next 12 months, 36% plan significant hiring increases and 35% slight increases. Some optimism exists that stability and no new cliff-edge costs could ease hiring constraints into spring.
Read at London Business News | Londonlovesbusiness.com
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