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People holding on to their jobs, even when pay drops

Interesting news in the recruitment industry is that the number of people resigning from their jobs has fallen to a five-year low as workers have little choice but to “ride out economic uncertainty”, research has revealed. This report by the Telegraph.

Employees are increasingly putting up with modest wage increases just to hang on to their jobs in the present climate, the annual study of the labour market found.

Just 3.9pc of staff quit their jobs in the year to January 31, compared with 4.7pc the year before, the analysis by the Chartered Management Institute (CMI) and XpertHR showed.

Employees were also less inclined to transfer to new roles internally, the survey found, with many happy to lie low in their current jobs.

The average pay rise was just 2.2pc in the 12 months to February – the lowest wage increase in more than a decade, the analysis showed.

Read the full article.

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State of the UK job market

callcenter1Hays, the UK’s biggest recruitment agency, said the British employment market remained fragile, as public sector job cuts continued to bite and hiring in the City slowed. This report from the Financial Times.

With government figures showing the total number of unemployed at its highest level since 1994, the recruitment agency said there was little sign that the private sector was creating enough jobs to offset cuts in state spending.

Hiring in the financial services sector – a bright spot last year – also faltered in the three months to April.

Paul Venables, finance director, said: “Twelve months ago, every one of our financial institution clients were recruiting across the board. Now it is much more surgical with people only being recruited in areas which are really making money like debt origination.”

Read the full article from the Financial Times.