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Published on: Press & Media

Budget cuts in HR as economy deteriorates

More than half (55%) of HR teams across the UK expect to have their budgets cut in the next few months, according to research from Personio.

With the ongoing cost of living crisis and the devaluation of the pound to record lows making the UK’s economic situation worse, less than a quarter (24%) of UK HR managers said they felt prepared to help their business stay strong in an economic downturn.

HR consultant and coach Gemma Bullivant said HR departments are often under pressure to deliver a measurable return on investment (ROI).

She told HR magazine: “It can be a very worrying time, when you have so much to deliver and budgets are getting tighter. HR is notoriously challenging to establish clear, quantifiable ROI metrics. When the economic forecast is volatile and likely to lead to budget cuts, we need to work even harder at identifying and communicating strong commercial benefits for the people initiatives we lead…”

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