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Regional insights

The view from Wales

Every two months, we ask business leaders across the country to share their expectations and priorities for the future. We want to track how sentiment is changing in the market and get insight on timely issues: from tax to ESG.

Read the latest views from business leaders in Wales.

What's changed since December 2021?

  • As we start the year, optimism about the UK's economic prospects has fallen by 26% in Wales, from 72% to 46%. This is now significantly below the national average of 65%.
  • Of the mid-sized businesses in Wales surveyed, 54% are experiencing unusually high attrition rates – with more people leaving their business than normal. Although this is below the national average of 62%.
  • 32% said incentives for employers to invest in skills attraction and development should be a top priority for policymakers.

The battle for talent

Amid the ongoing battle for talent, businesses are doing everything they can to both attract new people and retain existing employees. Half (50%) confirmed that they're offering pay rises or bonuses to help retain their existing people and many (40%) are offering higher salaries for new roles.

Competing in the talent market requires looking beyond just salary, with jobseekers increasingly taking the wider employee offering into consideration. The research finds that the mid-market is responding to this, with nearly half (48%) offering flexible working opportunities as standard, and 52% currently reviewing their employee benefits package to make it more competitive.

120x120-alistair-wardell.pngAlistair Wardell , Partner, Head of Restructuring, South of England and Wales said:

“With job vacancies reaching record highs in November, the ‘Great Resignation’ has made the fight for talent amongst organisations fierce. As our research shows, mid-sized businesses in Wales are doing all they can to attract new people but the last two years have had a significant impact on what people prioritise, resulting in some re-thinking their career path or role. This has led to many companies experiencing unusually high staff turnover rates and facing a recruitment struggle.  

“Today’s job seekers consider a much broader picture when deciding where to work, and a company’s overall employer brand and offering has never been more important. People are placing much more emphasis on aspects of the employee proposition, such as the long-term development opportunities, the workplace culture, an employer’s focus on wellbeing, and inclusion and diversity.”

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