Local Businesses have their say on Salary & Benefits for 2019-20
90% of businesses who contributed to the Herefordshire & Worcestershire Chamber of Commerce & Hewett Recruitment Salary & Benefits report 2019/20 attempted to recruit during the past year. This figure sits well above the year average (52%) for Herefordshire and Worcestershire. The sectors which experienced the greatest challenges during recruitment included the Public/Voluntary sector, Wholesale/Retail, Manufacturing and IT & Cyber Security. Sales, Engineering and Technology/IT roles were the most difficult roles to recruit candidates for.
By analysing average salaries in relation to total employee numbers, the report outlines the parameters of a competitive salary for over 50 roles across the two counties. Businesses can compare the salaries they offer to staff in relation to other businesses of a similar size across the two counties. The report was formulated as a result of 350 responses from businesses from across Herefordshire and Worcestershire.
For those businesses who are looking to supplement lower salaries with a strong benefits package, the report also provides a summary of the options businesses currently offer. On average, a new starter receives 23 days of annual leave, however, 43% of businesses offer 25 days or more of annual leave entitlement. At a time when provisions for flexible working and annual leave allowance are as important to candidates as their salary, it has never been more crucial to compare the salary and benefits that your business offers in order to attract and retain staff. This is demonstrated by the fact that the percentage of companies offering working from home has increased from 24% last year to 33% this year.
Although the local labour market remains strong, there are signs that the national labour market is softening. While it the UK unemployment rate remains historically low, falling employment suggests that the previously robust UK labour market is no longer holding the weight of relentless uncertainty and a sluggish economy (ONS, 2019). Regular pay growth (excluding bonuses) has slowed from 3.6% from 3.8%. At the same time there were an estimated 800,000 job vacancies in the UK, 18,000 fewer than in the previous three-month period (ONS, 2019).
