Protecting your workforce’s financial and emotional health
Businesses themselves are facing massive hikes in energy costs and the cost of supplies and raw materials. Balancing the financial health of an organisation with the financial health (and, additionally, the emotional health) of its workforce is going to be an increasing challenge as the 2022/23 winter of discontent unfolds with increasing inflation, energy, and interest rates.
Ultimately, companies cannot afford to react in a way that is over emotional – any proposals need to be thoroughly thought through. Every individual employee will have their own experience of dealing with the cost of living on a personal level and setting precedents to support those who may be in greater need could lead to inequalities and resentment in the long term.
Why salary benchmarking is important
In pursuit of a strategy that is going to benefit all with regards to the cost of living increases, we suggest that you step back and take an overall view going through a salary benchmarking process. This will give you valuable up-to-date information as to how you currently stand with your competitors, peer groups and industry sector partners.
Irrespective of where we are with regards to the cost of living (and it does seem to be changing almost daily at the moment), salary benchmarking will give a snapshot of your position in the marketplace as an employer.