The Government is insisting that the UK economy is returning to growth with the prime minister saying that national debt is set to fall.
But to many businesses the economic climate may still feel bleak.
Business life has to go on though and that may mean hiring more or replacing staff.
According to BDO, employment levels in the UK’s private sector have dropped to their lowest in a decade and a report by the Chartered Institute of Personnel and Development (CIPD) reveals that employers believe that pay in private firms will rise by 4% in 2024, while pay increase expectations in the public sector have fallen from 5% to 3%.
The CIPD also reported that 60% of the employers they surveyed were expecting significant difficulties recruiting for vacancies in the next six months.
The National Institute of Economic and Social Research, also says that international workers are propping up the labour market as employers struggle to compete for British staff.
So, will you be looking for foreign workers to fill vacancies?
Are you expecting to have more or fewer vacancies to fill in the coming year?
Can you afford salary increases?
These are just some of the questions businesses will need to answer over the coming months and underlying all this is the continuing need for business stability and hopefully growth.
It is a conundrum many businesses will struggle with in 2024 and to solve it you need to know exactly what your cash flow and financial situation is.
We can help.
Why not download our free cash management tool here: https://lnkd.in/ee3pfuGa