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Wages increase as skills shortage deepens

Published: Friday, 04 April 2008   Category: Life after graduation

A new report has claimed that staff costs for nearly half of all private-owned businesses in the UK have risen in the past year.

The study by financial and business adviser Grant Thornton also found that half of the firms surveyed were more focused on attracting and retaining staff, including graduates, than a year ago.

Alysoun Stewart, head of entrepreneurial advisory at the organisation, said that the research showed the wider economy was at odds with the financial sector.

She explained that while there has been job losses in that field, there are low unemployment figures elsewhere, meaning that skills shortages may remain a "challenge" unless the credit crunch leads to a recession.

"Companies are being forced to compete on wages despite the prediction of continuing economic uncertainty during the coming financial year," she added.

Speaking after the launch of a study on salary trends in the UK, Randstad managing director Fred van der Tang recently stated that businesses need to consider other elements than wage levels to attract and retain staff.

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