That is the question.
Although the UK economy is improving, it is apparently doing so in very small increments.
So businesses are facing a number of coming challenges, not least the hike in employer NI contributions and new higher minimum wages.
For many though, hiring staff or replacing those who leave is going to be a dilemma for some time to come.
Retailers in London’s West End have warned that business rates reforms will drive up property bills by £44.5m a year, with this likely to mean shop closures and job losses.
Helen Dickinson, chief executive of the British Retail Consortium, has described the industry as a “golden goose” that generates tax revenues far beyond its size.
Additionally, 31% of retailers quizzed by the BRC are looking to invest in automation, replacing staff with self-service checkouts.
But the dilemmas spread far beyond the retail sector.
Rupert Soames, chair of the Confederation of British Industry, has questioned plans to give workers rights including sick pay and protection from unfair dismissal from day one and the banning of zero-hour contracts.
Already the BCC (British Chambers of Commerce) data has reported that approximately 16% of British companies reduced hiring in the fourth quarter of last year, the highest level since early 2021.
One thing employers can do, and arguably should always be doing, is to make it clear to employees that they are valued and listened to if they want to retain them.
It’s a lot less expensive than going through the recruitment process and trusted employees often come up with good ideas.
So what are your hiring intentions for the coming year?
Do let us know.