05th January 2023
Sheila Attwood, senior content manager, data and HR insights at Cendex, part of XpertHR, comments on High Pay Day 2023:
“With the cost-of-living crisis looming and other economic pressures hitting home, it is not surprising that the campaign for fairer pay is gaining momentum – expatiated further by the coverage of High Pay Day. Employers can really help their recruitment and retention efforts by ensuring that employees feel valued in light of data such as this. The simplest way for employers to be certain they are paying staff fairly is to benchmark salaries against competitors, regularly reviewing their offering to check it aligns with the current market.
“What is crucial, too, is transparency. Employers will benefit from being upfront with how pay levels are calculated, clearly communicating to staff how salary bands are devised and how potential earnings are achieved.
“During economically challenging times such as these, employers should consider how else they can support staff, whether that be a one-off payment, a zero-interest loan or an additional salary review.”