The CIPD Labour Market Outlook survey reveals a marked downturn in employment expectations over the next three months, with the job market set to take a significant turn for the worse. Median basic pay expectations for the next 12 months are for a 1% increase overall. 51% of private sector employers plan to freeze pay following their next pay review. Overall, 42% of employers are anticipating a pay freeze. The proportion of employers intending to make redundancies over the next few months has increased from 16% to 21%. Redundancies appear to have – at least in the short term – been avoided as a result of the introduction of the Coronavirus Job Retention Scheme with the latest CIPD data showing that its introduction has prevented around 4.2 million job losses.
CIPD labour outlook survey reveals job market set to take a significant turn for the worse
Article by: Makbool Javaid, Partner - Simons Muirhead & Burton |