“Britain’s labour market started to tighten in 2021 as older people retired early during the global pandemic, Europeans returned home after Britain left the EU and an increasing number were too ill to work.
With just under 1 million job vacancies still open, it has been one factor behind Britain’s stubbornly high inflation rate. It hit 11.1% in October before falling to 6.7% in August, still one of the highest of any major economy.
That has forced major employers such as supermarkets, logistics groups and big coffee and food chains to raise wages on multiple occasions in the last 18 months, and even resort to making counteroffers to prevent staff from going elsewhere.
Regular pay, excluding bonuses, was 7.8% higher in the three months to July than a year earlier – the joint-fastest growth since comparable records began in 2001.
Loungers said that while its overall wage costs had risen, profits had continued to grow and staff loyalty had increased.
[…]
“There’s been a trend in hospitality to work staff hard, to not treat them very well, because there was always another person that would come in,” said head chef Chris Lloyd-Rogers.
“That’s changing because of the way the world is right now,” he said, referring to the many eastern Europeans who used to work in kitchens but left Britain after Brexit and the pandemic.
[…]
While the moves can increase costs and complexity for employers, the former finance director of a FTSE 100 company said businesses had no choice as staff retention had become such a hot topic when workers were hard to find.
The executive who sits on other company boards said he expected the use of automation and the hunt for efficiencies to grow as employment costs rise”
So you are telling me that laborshortages that aren’t filled up with migrant workers result in corporations being forced to raise wages and benefits in order to attract new workers and hold onto existing workers.
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TLDR
“Britain’s labour market started to tighten in 2021 as older people retired early during the global pandemic, Europeans returned home after Britain left the EU and an increasing number were too ill to work.
With just under 1 million job vacancies still open, it has been one factor behind Britain’s stubbornly high inflation rate. It hit 11.1% in October before falling to 6.7% in August, still one of the highest of any major economy.
That has forced major employers such as supermarkets, logistics groups and big coffee and food chains to raise wages on multiple occasions in the last 18 months, and even resort to making counteroffers to prevent staff from going elsewhere.
Regular pay, excluding bonuses, was 7.8% higher in the three months to July than a year earlier – the joint-fastest growth since comparable records began in 2001.
Loungers said that while its overall wage costs had risen, profits had continued to grow and staff loyalty had increased.
[…]
“There’s been a trend in hospitality to work staff hard, to not treat them very well, because there was always another person that would come in,” said head chef Chris Lloyd-Rogers.
“That’s changing because of the way the world is right now,” he said, referring to the many eastern Europeans who used to work in kitchens but left Britain after Brexit and the pandemic.
[…]
While the moves can increase costs and complexity for employers, the former finance director of a FTSE 100 company said businesses had no choice as staff retention had become such a hot topic when workers were hard to find.
The executive who sits on other company boards said he expected the use of automation and the hunt for efficiencies to grow as employment costs rise”
So you are telling me that laborshortages that aren’t filled up with migrant workers result in corporations being forced to raise wages and benefits in order to attract new workers and hold onto existing workers.
Gee wiz, who woulda thought.