UK businesses are in a quandary: budgets for pay increases are tight especially after inflation, but the UK minimum wage has just increased by 5% - meaning organizations must allocate additional spend towards raising wages at the bottom, putting pressure on the next level up and diminishing the overall budget.
At the same time, a tight employment market means higher salaries for key talent and senior roles.
What does that mean for the middle? And how can organisations meet the challenge of retaining, engaging and incentivising with fewer resources to hand?
With an increasing expectation of transparency around pay and reward driven by statutory reporting, organisations in the UK must look at reward strategies to manage these competing demands in a sustainable and coherent way.
Register to watch our reward webinar to learn about these challenges and their solutions.
Sign up now to learn:
- Strategies for balancing reward resource and demands
- How UK organisations can align reward and performance
- The UK outlook on reward – including the latest pay forecasts