London firms plan pay rises amid skills shortage
LONDON, UNITED KINGDOM — London businesses are cautiously optimistic about pay rises over the next year despite economic challenges, according to a new report by recruitment firm Robert Half.
The report found that 41% of London companies plan to offer employees flat-rate salary increases in 2024, while 27% intend to match pay rises to inflation.
However, 22% said they would not raise salaries further, and 19% felt inflation-matching pay rises could put their business at risk.
“Skills shortages in the capital [London] remain rife and employers are increasingly turning to financial incentives to attract and retain staff,” said Philip Boden, Market Director, Technology & Financial Services, at Robert Half.
Despite this, almost 60% of UK workers feel confident about their job security for the next six months, according to the Robert Half Jobs Confidence Index.
Aside from London, salaries are also set to increase in the United States and Spain in 2024.
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