Unions have called for action following concerns of inflation hitting its highest level in 30 years, as well as the cost-of-living crisis. Even though the National Living Wage is set to increase by 6.6 %, this doesn’t negate the cost of inflation on employees.
TUC General Secretary Frances O'Grady commented on the latest employment figures "While it's good to see employment continuing to rise, on pay it's the same story of a squeeze on workers.
"Working people deserve a decent standard of living and a wage they can raise a family on."
If pay rises are not an option for companies, then what else can we do?
Reward schemes are a great way to help and to create benefits for your employees, with many companies now looking into the employee experience in their company culture.
The focus onto mental health and wellbeing has been placed to the forefront of employee’s minds. Ensure any benefits that your company may already have, relating to mental health, such as an EAP scheme are known to all employees and the scheme is promoted regularly.
There are also other benefits to consider, such as Learning and Development and increasing employees’ skills. Free seminars or webinars are often available, which are low-cost options that can have a positive impact.
When budget is available for rewards, make sure that it doesn’t go to waste. Many companies offer dental plans, health plans, life insurance or coupons for your business or the Highstreets into their reward packages. Schemes like this build a sense of loyalty, by showing that as an employer, you understand the importance of company culture and how to develop and ensure that you are keeping up with current market trends and can offer data driven results that matches the needs of the employee, as well as the business.
But remember that talent retention goes beyond just benefits in the workplace.
If you need any more advice in this area, call us on 01935 411191 for a free initial consultation, or email enquiries@rbhr.co.uk. One of our trained HR Consultants will be able to answer your queries and recommend solutions.