How do I know what to pay? Ranstad's latest world of work report offers a detailed insight into the current jobs market across the vast number of sectors Randstad specialises in. Joel Natfal, Major Players Head of Recruitment for Research Insight & Analysis jobs gives a brief overview of how to reward your staff. Alternatively, if you want to read the full report you can get your hands on it by requesting a copy here. Or if you're looking to find your next star employee then get in touch with one of our many specialist consultants or submit a brief. The cost of growth and skills shortages Money is tight, but organisations are going to have to accept that people will now be asking for more. Most of those who’ve had to work harder and who’ve developed new skills during the downturn have done so without any increase in remuneration as a reward.
Pay has been held down or frozen, whilst inflation has gone up, and productivity and performance have improved. People have reached a definite conclusion: 60% of them say they expect a pay rise in 2010.
Other employee expectations Organisations need to appreciate what people want: not just absolute increases in salary, but improvements in training, career development, and their work/life balance. There are cost implications in catering to these improvements, and organisations will need to make careful calculations concerning the returns they can expect from making such investments.
Insentivising the individual Mark Bull is CEO of Randstad Construction, Property and Engineering. He says, “A lot of organisations set their 2010 budgets in 2009 when the outlook was uncertain, if not downright bleak. Whilst things look more positive now, it would be inadvisable to go too far too soon. At the same time, given current worker sentiment, organisations do need to take action on rewards”. He says that by developing a full yet affordable toolbox of incentives for use across the year, organisations can expect to motivate, attract and retain staff.
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Contact MajorPlayers: +44(0)207 836 4041 Mike Iannella: mike.iannella@majorplayers.co.uk Charley Caines: charley.caines@majorplayers.co.uk