09 Jun 2016
It ‘pays’ to be the Premier League Player of the Season; 29-year-old striker Jamie Vardy has found himself in the middle of a job offer wages war between current team Leicester City and rivals Arsenal who are both bidding to secure his place on their teams next season.
However, the situation is no different for many organisations that are ever-competing to secure the best talent. One person who knows all too well the challenge that organisations face with the recruitment/retention battle is Viv Copeland, Head of Reward at Croner who specialise in pay and benefits.
Viv explains that: “Organisations that do not have the monetary resource to compete with salary offerings from competitors may feel like they are hitting a brick wall. However, in those cases, we would advise clients to consider adding additional incentives above the pay bill that could persuade key team members to stay loyal. “Working environment is crucial: for instance do employees have to work through their lunch breaks and is there a friendly atmosphere between colleagues?
Also recognised in the media recently as a key motivator for candidates when they are choosing a company to work for is flexible working. 74% of participants in our employee benefits research revealed that their organisation offers such hours and, by not introducing such a scheme, your organisation may not be as appealing.” Additional benefits to consider include Private Health Insurance, the salary equivalent of a company car and salary sacrifice. Should these not aid retention, it could be worth undertaking a pay and grading review to balance cost control with the need to increase salaries.
Such reviews can challenge current pay strategies and also help to plan for the future. However, Croner Reward’s research suggests that the pay situation could be changing for the better. The number of organisations reporting a pay freeze declined from averages of 18.0% and 20.1% in 2013 and 2014 to an average of 16.5% in 2015, which supposes that organisations may soon be able to offer more competitive salaries to secure the crème de la crème. To find out more about how Croner Reward could assist your organisation, please call 0844 728 0103.
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