Education

The cost of living crisis should drive larger wage adjustments, says the majority of employees

According to a survey conducted by Lattice, more than half (53%) of employees expect the cost of living crisis to be an important consideration in compensation reviews.

However, only 26% of employees say that living expenses are currently taken into account in the company’s compensation review process.

Managers across the UK are facing difficult years of navigating employee wage cycles amid rising inflation and market volatility.

Annual increase

In the crisis of living expenses, the annual increase does not satisfy all employees. They also have certain increases in mind to feel the value.

Approximately 30% of employees said they are considering being evaluated for increased compensation every 3-6 months. Given good performance, 47% of UK employees will need a salary increase of at least 4-5% to feel that their work is properly valued.

bias

Employees are aware of prejudice and lack of action to deal with it.

More than half (51%) of employees agree that there is a bias towards gender, age, race, or other factors regarding a company’s performance and how it performs. Reward review.

Of these, 36% say they haven’t done enough to deal with it.

Only 30% reported that organizations are leveraging technology to measure and address Equal pay for equal work gap.

“The convergence of factors such as rising turnover, rising inflation, volatile markets, and the current cost of living crisis is putting more pressure on the compensation cycle,” said Dave Carhartt, vice president of Lattice Advisory Services. Says.

“This report reveals how employees’ perceptions of compensation are evolving in all of this cataclysm, and to leaders whose mission is to balance employee expectations with changing business needs. It provides important insights. “

The cost of living crisis should drive larger wage adjustments, says the majority of employees

Source link The cost of living crisis should drive larger wage adjustments, says the majority of employees

Related Articles

Back to top button