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Job confidence pushing up pay

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Job confidence in Wales is at a high with workers across the country indicating hopes of an average pay rise of 4.6% this year, above the national average of 3.8%, according to the latest Robert Half Jobs Confidence Index (JCI) – an economic confidence tracker produced in partnership with the Centre for Economics and Business Research (Cebr).

“Job confidence across Wales is clearly high and there are likely several reasons for this. Growing skills shortages coupled with the recent reports that the country has the highest rate of economic inactivity are no doubt leading to staff feeling optimistic about demand for their skills.  While this has created an environment where pay rise expectations are higher than the national average, employers can be somewhat comforted by the fact that fewer people are likely to take direct action if they don’t receive the salary increase they are after.  Of course, that doesn’t mean that businesses can ignore these high levels of confidence.  Instead, it should be a catalyst for firms to consider their holistic employment packages and how elements such as tailored benefits packages or career progression programmes can act as more effective attraction tools,” comments James Fortnam, Market Director, Wales, Ireland & Scotland, Robert Half.

JCI data reveals that two-thirds (66%) of Welsh workers are confident in their job over the next six months, above the national average of 60%.  This optimism is translating into heightened pay inflation expectations.  However, less than half of those surveyed (43%) say they would act if a salary increase wasn’t an option this year, compared to 68% of UK respondents overall.