Predicted wage increases: What's the impact?

The economic recovery is well underway and that has been further underpinned this week with the expected announcement that salary increases are overtaking inflation.

For the first time since 2010 people can expect to start seeing a real increase in their wages, according to this Guardian article. 

This news will undoubtedly have an impact on the wider job market as employees start to look for their share of the good news, if their employer isn’t willing to up the ante then they will begin to look elsewhere and as confidence gains people are becoming less inclined to stay put.

Money is not the only motivation and SMEs already feeling the squeeze might have to look at other ways of retaining staff especially if this year’s budget is already set.

The good news is for companies that are growing and looking for experienced hires, is that candidates are becoming increasingly open about having a discussion around their career and are more inclined to consider moving company now more than ever.

Ensuring you’re working in the right circles or have the right contacts giving you access to this new wave of talent is crucial to remain competitive.

Making sure you have the relevant resources to drive business forward is critical during this period of renewed optimism for the economy’s growth prospects.