By the time you read this newsletter we are forecast to have had the hottest day of the year and summer will have ripened the strawberries in time for Wimbledon. For many businesses however we now
find ourselves in the middle of a storm. Business energy costs have in some case tripled from a year ago. War in Ukraine has given global markets a shock wave and for the first time in months data shows a decline in trade across all business sectors.
Employers have been reporting recruitment challenges for some time. Now wage inflation and travel to work costs are begging to further impact on finding and retaining talented staff. The UK
chancellor has warned against widescale pay-awards pointing to this being a further inflationary source. One approach may be the award of single loyalty bonus awards in support of retaining your people. It is possible to make a payment and / or make a promise of a future, conditional upon being employed or some other milestone being meet. As always, the application of a bonus or reward needs to be applied with fair and justifiable criteria.
In the next weeks there is planned industrial strike action from the RMT and TfL, BT engineers and broadband service operators are planning similar action. Workers from the FCA have already held a
two-day strike. Unusually this Union led strike action is taking place when job vacancies and unemployment figures have crossed over for the first time since data have been recorded.
Whether this is short period of correction or evidence of a fragmented job market post Brexit and the Pandemic is perhaps too early to call.
We wish readers all the very best in the months ahead. Holidays or at least a break away from work routines are important. Given the recent couple of years, this season for renewal and revival is
perhaps more important than ever. Make space for rest and encourage others to do the same.
Rob Bryan.
