Posted-on April 2023 By Amy Bates
What makes your company successful? The people who work for you
According to a recent survey, 17% of UK employees planned to give their notice at work in order to pursue a higher-paying job, while a staggering 94% agreed that household incomes could not keep up with the cost-of-living crisis.
In light of the recent the cost-of-living crisis and Great Resignation* movement, some companies have given their employees one-time payments and/or pay raises.
*The ‘Great Resignation’ is the name given to the trend of people choosing to quit or change their jobs, or considering doing so in the near future, largely attributed to the work and life changes caused by the Covid-19 pandemic.
We asked on LinkedIn last week, “When was the last time you got a pay rise?”
69% had received a pay raise in the last year, demonstrating that a lot of companies realised the need to raise salaries to keep up with the cost of living, as well as understanding that in order to retain their most valued employees, the must show them they value them and their efforts for the company.
Giving employees pay rises on a regular basis demonstrates that you value them and their efforts for the company. Increases in salary can promote morale, increase employee satisfaction, and motivate employees to work hard.
Salary is often the simplest way for businesses to attract and retain people.
As the cost of living has grown since the pandemic, salary has become one of the main motivators for many people. Although it is not always the primary motivator for some, if it is incorrect, it can demotivate.
When attracting new talent, it is just as important to make sure the salary you are offering is right. We have seen it many times where companies have missed out on exceptional people because their offer is lower than their current salary package and market average.
Prepare to discuss salaries and benefits during the hiring process. While you may have previously screened candidates based on their desired salary, it is also vital to discuss other bonuses and perks that are accessible to candidates. This is another opportunity to emphasise the benefits of working for the organisation.
“You want to make the right offer to the best candidate,” says Sandra. “To ensure you’re interviewing top talent that will be engaged in the process, strongly consider partnering with a recruiter to find A* players that will move your company forward. They can represent your brand effectively and present candidates to you that are thoroughly screened and informed. Not only will this weed out weaker candidates, but it’ll also help you experience fewer rejections from seemingly strong contenders.”
Summary
If you do not pay employees what they deserve, they will begin looking for positions that pay a competitive salary. This puts you in a difficult situation since you will not only lose your greatest people, but you will also face the massive and costly task of hiring new people.
Your employees are the ones who ensure the success of your business, and they are your most valuable asset. It is essential you look after your employees, because your company is only as good as its greatest employees.