Great news for professionals and graduates as CBI survey shows UK firms plan to hire in 2015 and experts predict larger pay increases.
It appears that 2015 will be a fruitful year for British employees and jobseekers alike. A recent survey from the Confederation of British Industry (CBI) showed that around half of UK businesses are looking to expand their workforce. This was then followed by a prediction of increased pay awards for employees from Martin Weale, a member of the Bank of England’s (BOE) monetary policy committee.
More permanent roles planned than temporary
The CBI Employment Trends Survey 2014 found that 50 per cent of businesses are expecting their workforce to expand over the next year. Every region of the UK is expected to be recruiting and Scotland will be recruiting the most of all.
Not only that, labour market conditions for young people will be improved as many firms are planning to recruit graduates and apprentices in 2015.
“Businesses are planning to create jobs in every region of the UK next year as the recovery continues, and more and more of those jobs will be permanent. The outlook for young people is also looking brighter as firms look to boost their graduate intake and expand apprenticeships,” said Katja Hall, CBI deputy director-general.
“We want to see everyone enjoy the rewards of the economic recovery. Growth should work for everyone, and skills are the key route to ensuring that this happens through improved productivity and pay,” she added.
Pay increases will be materially higher
Notorious rate hawk, Martin Weale, also believes that wage rises are likely to become heftier. Speaking to BBC Radio 5, Mr Weale detailed how he believes the strength of the UK’s economic recovery has raised the confidence of employers and this should trickle down to employees in the form of larger pay increases.
The BOE member found that businesses “are talking of pay increases in a way quite different say from what I was hearing early in the year, certainly this time last year”. In fact, he noted that a year ago quite a few firms were looking to enact pay freezes rather than pay rises.
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