UK employers focus on cost management with confidence near record low

LONDON, May 18 (Reuters) - British employers ​are prioritising ⁠cost management over growth ​with their confidence close to a record low and their ​staff are ‌likely to see inflation eat into their pay in ⁠the year ahead, according to ⁠a survey published on Monday.

The ​Chartered Institute of Personnel and Development, a professional body for the human resources sector, said rising costs and uncertainty ​were ‌continuing to weigh on hiring and investment decisions.

The survey, which was conducted after the start of the Iran war but before Britain's latest bout ​of political instability, showed:

* Cost management was the top ‌priority for UK employers ahead of improving productivity and growing market share

* Iran ‌war does not yet seem to have materially affected hiring intentions in the UK

* Indicators of employer confidence ​held close to record lows

* Planned pay awards were mostly around ‌3% for the next 12 months - unchanged from levels over the past two years but below most forecasts ⁠for a ⁠rise in inflation

* The CIPD ‌survey of 2,049 employers was conducted between March 23 and April ​23, ​before heavy losses in local and ‌regional elections for Prime Minister Keir Starmer's Labour Party this month increased pressure on him to resign.