British employers face most extreme shortage of job candidates on record
September 9, 2021, 4:38 am

British employers face most extreme shortage of job candidates on record

Economy

The Humingzone reported according to Reuters that British employers are going through essentially the most extreme shortage of job candidates on record as a result of put up-lockdown surge within the financial system and Brexit, pushing up beginning pay for everlasting workers at an unprecedented tempo, a recruiters’ physique stated.

In a survey which can be studied by the Bank of England because it weighs up the danger of an extended-time period inflation drawback, the Recruitment and Employment Confederation (REC) stated employers have been more and more upbeat in regards to the outlook in August.

But their makes an attempt to rent workers have been being annoyed by shortages of workers. BoE Governor Andrew Bailey stated on Wednesday he was involved about getting jobs stuffed.

REC stated a reluctance by staff to change roles as a result of pandemic, fewer European Union staff and talent shortages have been contributing to the staffing squeeze.

“Candidate shortages continue to plague businesses, who are all recruiting from the same pool of talent and struggling to fill gaps,” stated Claire Warnes, head of training, expertise and productiveness at KPMG UK, which co-produces the survey.

The tempo of recruitment for everlasting posts hit the very best within the survey’s almost 24-12 months historical past final month. Temporary hiring and open vacancies weren’t far off July’s record ranges.

Salaries for newly positioned everlasting workers rose on the quickest charge on record. Wage inflation for temp staff was the second-quickest.

Warnes stated the expiry of the federal government’s furlough scheme on the finish of this month didn’t imply the staffing “crisis” was going to go away as extra individuals turn out to be accessible for work.

She stated: “Many businesses will have changed their business model during the pandemic, and so significant numbers of staff returning from furlough may need re-skilling to rejoin the workforce in the same or another sector.”

Separately, the British Chambers of Commerce stated workers shortages and world put up-lockdown provide chain disruption have been prone to sluggish Britain’s financial progress within the coming months.

According to the BBC, that meant the financial system would get well its pre-pandemic dimension solely within the first quarter of 2022, later than the BoE’s prediction of the final quarter of 2021.

Investment by companies was prone to fall this 12 months because the hit to corporations’ funds from the pandemic, greater tax payments and considerations over future COVID restrictions outweigh the enhance from a tax incentive introduced by finance minister Rishi Sunak.

The BCC stated enterprise funding can be 5.4% decrease than its pre-pandemic degree on the finish of 2023 whereas client spending is projected to be 5.1% larger.

“It is concerning that business investment  looks like being  the weak point of the recovery because it undermines the UK’s ability to raise productivity and increase our long-term growth prospects,” Suren  Thiru, the BCC’s head of economics, stated.

Source: hummingzone

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.