London Loves Business: Unemployment is going down, pay is going up – so why do businesses need to be careful?
Recently, Cielo’s Executive Vice President and Managing Director – Europe, Seb O’Connell, was featured on London Loves Business discussing unemployment and the prospects of the job market in the United Kingdom. In this article, Seb cautions that, though the economy is looking up with decreased unemployment and increased pay, businesses need to pay more attention to retaining their best employees since they will be receiving offers from other companies.
Excerpts from the article:
The recession might have officially ended in 2009, but many people and businesses are only just starting to see an improvement.
James Sproule, chief economist at the Institute of Directors said falling energy prices and low inflation had eased the pressure on companies with some of these savings passed on to employees through pay rises and bonuses.
Advice to businesses Seb O’Connell, managing director for Europe at global recruitment firm Cielo, warned businesses they might need to work harder to retain staff.
“In a more buoyant job market, employees are more likely to feel the pull of greener pastures and may be tempted to move elsewhere by new opportunities and offers of higher remuneration,” he said.
“Companies need to ensure they double their efforts to retain their people by providing a visible career path and a thought through and authentic employee value proposition that appeals both to potential new employees and the critical existing employee base.”