2024 Pay Predictions: doing more with less
We’ve heard a lot about shrinkflation in the last 12 months: prices remaining the same but products getting smaller.
The reverse is happening in reward. All indications are that pay review budgets will be smaller than last year, but we’ll have to do far more.
More to comply with the National Living Wage, while still rewarding the remainder of our employees. More to attract and retain talent in a competitive market. More to ease continuing financial burdens. And more to meet expectations of employees.
Take a look at Julia Hanna 's latest blog for a summary of the latest data needed to make an informed decision, alongside her top tips on how to do it well.
You can read her blog here.
Independent adviser, Principal Associate IES, Visiting Professor University of Greenwich
1 年Thanks Julia. You seem to assume employers are struggling to pay employees more. Please read this. Large company profits are higher than before covid and the proportion going to employees has declined further. Surely you should be complaining at rates of executive pay escalation rather than the NLW and real living wage? 60% of those paid less than the latter have used a foodbank in the past year. Hr needs to question what really drives corporate performance and what fairness and equity really means. Thanks duncan “The declining labour share and the rising profits of [multinationals] point to the key role of large corporations dominating international activities?.?.?.?[and] driving up global functional income inequality... The link between corporate profits and hunger is just the most egregious example of a balance of power between capital and labour that has become dangerously out of kilter. https://on.ft.com/46XZsAK via @FT