A recent survey shows a growing number of businesses in Wales anticipate workforce cuts
Cardiff: A new survey has found that many businesses in Wales are feeling uneasy about their workforce. It seems the Autumn Budget has stirred up some worries about hiring.
According to Chambers Wales South East, South West, and Mid, only 17% of businesses added to their staff in the last three months. Even more concerning, 24% expect to cut back on their workforce, which is a jump from 15% just a quarter ago.
It looks like fewer companies are trying to hire, and those that do are running into challenges. A whopping 65% of them are struggling to fill roles, especially in skilled and managerial positions.
The survey also touched on the planned increases to the National Minimum Wage and National Living Wage coming in April. About half of the businesses said these changes wouldn’t affect them, but some are worried they might have to slow down hiring or even raise prices.
There’s also a noticeable reluctance to hire young people, with many businesses planning to cut back on recruitment next year.
Gus Williams, the interim CEO at Chambers Wales, pointed out that rising taxes and costs are making businesses anxious. He emphasized the need for more support to help companies grow and tackle issues like skill development.
