Job vacancies in the UK have dropped for the eighth time in a row, according to latest figures, as employers hold back on recruitment due to economic pressures.
Data published by the Office for National Statistics (ONS) today show the number of job vacancies between December and February fell by 51,000 when compared to the previous three months.
Meanwhile, the Resolution Foundation thinktank has today reported that 15 years of wage stagnation has left British workers £11,000 worse off a year.
According to employment expert Frank Creighton from Love2shop, the UK’s leading reward and recognition brand, employers must react accordingly to this current, challenging climate.
The director of business development said: “A drop in job vacancies means there are fewer opportunities for workers to move between roles, making it increasingly important for employers to maintain productivity.
“One of the keys to nurturing a motivated and galvanised workforce is by recognising the effort that employees put in. This can be done in a variety of different ways, from acknowledging good work to providing tangible appreciation.
“In the current economic climate, it’s increasingly clear that rewards and incentives play a central role. By showing employees they are truly valued, employers can make significant steps towards retaining the talent that they need to achieve success.
“Recent research conducted by Love2shop shows that 86% of employees would feel valued at work if they received a surprise gift voucher worth £150, while 57% said bonuses and regular rewards contribute to their feeling of being valued in the workplace.
“While the current climate and low levels of job vacancies do present businesses with certain difficulties, it’s possible to weather the storm and overcome them with the right approach to staff recognition.”
Visit www.appreciate.co.uk to discover more about improving employee engagement.