On average, venues reported a loss of over a third of non-UK workers from the start of the pandemic, which has been led by challenges presented by Brexit and applications to the EU Settlement Scheme closing at the end of June.
Although organisations are currently experiencing a 17.5% decrease in the size of their workforce compared to pre-COVID levels, which is a positive shift from the 57% reduction recorded in July, fulfilling vacancies is proving difficult for many as pay raises, bonuses, and further non-financial incentives have become rife as a means of attracting and retaining talent.
Additionally, 90% of venues have reported increased operational costs, with over half highlighting ‘substantial increases’. This includes rises as high as 10% in F&B, energy, salary, and recruitment costs, with most forecasting further increases over the next quarter. To compensate for the reported increase in costs, almost half of venues have increased their F&B rates, while a third have increased their room rates.
To view the full research report, which has been shared with the government’s Department for Digital, Culture Media and Sport, click here.