Small Businesses


Lack of available employees due to the Covid-19 pandemic and Brexit is likely to lead to small restaurants and shops increasing staff wages by nearly 3% next year, according to a new survey.

This survey by Willis Towers Watson suggests that those running these companies are anticipating having to raise wages by 2.9% on average, so that they can get the employees they need. Hospitality firms, such as restaurants, are suffering particularly severe shortages of staff because of the UK’s exit from the EU and the pandemic.

If these raises do happen, they will see growth in pay reach its highest level in three years, with 2019 being the first time in 10 years that they had risen. While it will undoubtedly be an extra pressure on the firms in question, accountants in Goole or wherever they are located can help them restructure accordingly.

Willis Towers Watson’s Data Analyst, Paul Richards, told Small Business that a combination of economic recovery and the reduction in threat from Covid-19 was bringing pay rises, adding:

“Employees in some industries are faring better than others, but these are often the industries that were hardest hit by the pandemic, such as leisure and hospitality.”

Richards went on by saying that the survey had asked these firms about their planned 2022 budgets, and that the responses indicated that the prospects for employee wages next year were very positive. He concluded by stating that many firms were also aiming to hold on to their best staff by offering bonuses based on performance.

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