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Firms play the waiting game on recruitment

Filed under: Risk Management — Mark on June 4, 2012

Those looking at potential risk management jobs or business continuity vacancies should be aware that private firms are cautious with their recruitment plans, and it has now become the norm to exercise pay restraint, according to a new report.

The CBI, along with a recruitment company, has conducted research with over 300 companies taking part. 20 per cent said that they had plans to freeze pay in order to remain competitive.
Close to one third anticipated staff recruitment in the coming year, with 20 per cent predicting cuts. John Cridland, director general for the CBI, said:

“Businesses have been creating jobs where they can over the past few months, and it looks as though that steady trend of employment growth in the private sector is set to continue.

“But hiring plans are cautious, and pay awards in particular remain low as businesses look to make sure they stay competitive in tumultuous times. We have to accept this constraint as the new normal – we will only be able to afford to pay ourselves more in the long-term by improving productivity and competing more effectively around the world.”

He went on to say that businesses, as well as the Government, must take action on meeting their targets to assist young unemployed people so that employers are keener to take them on.

Two thirds of companies said that regulation of employment acted as the largest threat to competition in the labour market.
Brendan Barber, TUC general secretary, said that wage restraint will prolong the crisis in living standards, even where businesses are achieving high probability.

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