A word from our founder: Looking at recruitment and retention trends in 2024

  • Recruitment
woman shaking hands with someone
Peter Done

Peter Done, Group Managing Director and Founder

(Last updated )

I spoke recently about the challenges that businesses are now facing when it comes to attracting and keeping hold of top talent.

This is a tough landscape for businesses.

Since the Covid pandemic and the rise of flexible working, we’ve seen a growing number of employees leave their jobs. We’ve also seen an ongoing struggle for businesses to fill their job openings with suitable candidates.

All the while, the media is churning out new terms to label the status quos. So, we’re able to follow ongoing disaster trends like ‘The Great Resignation’, ‘The UK’s skills gap’, and ‘Quiet quitting’.

To learn more about the state of play for businesses in 2024, we recently carried out a global survey. This allowed us to gather results from across five different countries – Australia, Canada, Ireland, New Zealand, and the UK.

And from our UK findings, we were able to see the biggest concerns of UK businesses and what they were hoping to achieve this year.

Our business owners said rising costs were their biggest concern for 2024 – as voted by 87.6% of participants.

Our findings also revealed that almost half of UK business owners have been making payouts in a bid to retain their staff. In fact, pay rises, flexible working, and mental health support all came up as popular retention hooks.

And as for goals, survival seems to be a key one. This only goes to show the difficulties and increasing pressure that businesses are having to deal with right now. Because while growth should always stay high on the agenda, it seems staying afloat is the priority for most.

Not to forget that these difficulties also fall onto staff, who are having to manage rising living costs at a time when pay rises may be few and far between.

It seems that cementing the skills gap will also be a big focus for many this year. We saw 51.8% of people say they were investing in staff training.

We know this may be another hard year for businesses – so this is your reminder that support is available should you ever need it.

As a Peninsula client, you have access to 24-hour advice, legal support, documentation services, and more. And if you’re not a client with us and you need business support, you can still book a free advice call with us.

So, if you have questions or concerns, get in touch to speak to an expert:

Via our online chatbot

• By tapping below to book a callback.

Related articles

  • Pension

    Blog

    Work and Pensions Secretary sets out details of Back to Work Plan

    The new Work and Pensions Secretary, Liz Kendall, has confirmed the Government’s commitments to its manifesto Back to Work Plan arguing that it is critical to plans to secure sustained economic growth

    Peninsula TeamPeninsula Team
    • Leave and Absence
  • Recruitment Guide

    Blog

    Britain's biggest businesses are being urged to recruit prison leavers

    Government has launched a national campaign to encourage Britain’s biggest businesses to recruit prison leavers in order to reduce re-offending and expand the economy

    Peninsula TeamPeninsula Team
    • Recruitment
  • sick leave

    Blog

    Prime Minister sets out reform measures to tackle 'sick note culture'

    Almost 11 million fit notes were issued last year, with an overwhelming 94% of those signed “not fit for work”. And that, Prime Minister Rishi Sunak has said, is a problem that must be tackled with more help for people to get the appropriate support they may need to remain in work.

    Peninsula Team Peninsula Team
    • Leave and Absence
Back to resource hub

Try Brainbox for free today

When AI meets 40 years of Peninsula expertise... you get instant, expert answers to your HR and health & safety questions

Sign up to our newsletter

Get the latest news & tips that matter most to your business in our monthly newsletter.