Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Companies slash pay incentives for would-be recruits

by February 23, 2024
February 23, 2024
Companies slash pay incentives for would-be recruits

The landscape of job recruitment has shifted, with companies no longer offering substantial pay increases as incentives for job changes, according to Hays, one of Britain’s largest recruiters.

While significant pay raises of 20% to lure talent were once commonplace, the current environment sees more modest increases of around 5% for job changers.

James Hilton, Hays’s finance director, noted that during the “great resignation” period, employers were eager to attract talent and willing to pay higher salaries. However, the situation has normalized, leading to more typical pay increases for job changes.

This shift in recruitment dynamics has contributed to a slowdown in hiring activity, reflected in Hays’s financial performance. The company reported an 11% decline in net fee income between July and December compared to the same period in the previous year. Pre-tax profits also plummeted by 71% to £28 million.

Factors contributing to the hiring slowdown include global economic uncertainty and workers’ decreased willingness to change jobs without significant salary increases. Dirk Hahn, Hays’s chief executive, highlighted that many workers are content with their current jobs amid job cuts in certain industries.

Hays has responded to the changing market conditions by implementing cost-cutting measures, including reducing its workforce by approximately 1,200 roles over the past year, aiming to save £50 million annually.

Despite the overall slowdown, Hays remains focused on specialized roles, particularly in technology, and sees more stability in the temporary job market compared to permanent roles.

While trading in the new year has shown some stability, it remains uncertain whether increased interview activity will translate into placements. Analysts suggest that current trading conditions are slightly better than anticipated.

In response to these market dynamics, Hays is adjusting its strategy by prioritizing senior and skilled roles, where movement is still observed.

Read more:
Companies slash pay incentives for would-be recruits

0
FacebookTwitterGoogle +Pinterest
previous post
Congress likely to punt government shutdown deadlines again, sources say
next post
Britishvolt factory site may go on sale again

You may also like

Ukraine’s history unveiled

December 23, 2024

SurgeTrader Review: A new breed of prop trading...

June 1, 2023

Solitaire.io launches Kickstarter campaign for “Mosh Idols Punk...

May 12, 2025

Amazon launches volunteering month

September 7, 2023

Why Choose a Non-GamStop Casino?

April 3, 2025

ChatGPT Suspends Scarlett Johansson-Like Voice Amid Actor’s Outcry

May 21, 2024

UK economy grows 0.1% in the first quarter

May 12, 2023

Ex-fortnum chief Venters fashions new role at Paul...

February 6, 2025

What to Do If You Were Injured as...

March 29, 2025

Edinburgh, Manchester and Bristol lead UK’s high-growth business...

April 8, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved