Companies no longer offer big pay rises to lure talent |
People changing jobs are experiencing smaller pay increases, as companies no longer offer big pay rises to attract talent. Hays, one of Britain's largest recruiters, said that while pay increases of 20% for job changes were “commonplace” two years ago, a rate of around 5% is now more likely. The firm said a global slowdown in hiring has been deepened by this trend, because workers are less willing to move without a significant pay rise. James Hilton, Hays’ finance director, said: “In the great resignation, employers were screaming out for talent and were prepared to pay accordingly . . . [but] We’re now at much more normal levels of pay increases for changing jobs.” Dirk Hahn, Hays’ chief executive, added that many workers were “happy just having a job” amid reductions at some firms. |
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