Inflation was set to peak at 11% in October and prices are predicted to remain high; the cost of living crisis is affecting us all, and so for employees in PR & comms, pay cheques won’t go as far as they used to.
It has been said that the cost of living crisis is sparking a huge movement in the job market as people seek higher salaries. This combined with the fact that there are more job vacancies than candidates in all sectors, means that employers face increasingly fierce competition for talent.
Prospect has seen an increase in the number of candidates registering request a salary increase of substantially more in the last few months in comparison to previously, reflecting the growing demand from candidates. On top of that, increasing numbers are citing their main reason for leaving as financial.
But can employers marry the budgetary constraints of the business and the expectations of candidates in order to attract the best talent?
A primary strategy for all employers would be to introduce measures to support current employees through this challenging period in order to reduce turnover in the first place. Some companies are implementing initiatives such as pay increases, vouchers, free breakfasts and more to support those already working for them. Another could be to focus on recruiting candidates within your budget, but who may be at a slightly more junior level than the role you’re hiring for. This will provide an incentive for progression and increase your pool of candidates but will also require additional resources such as training and development so the business must be prepared to provide this. Though ultimately, some organisations are increasing the amount that they are prepared to pay to secure new talent, the consequence of which has been wage inflation. Gauging the right price to pay to attract talent through their door has become a critical consideration.
Nevertheless, can candidates rely on longevity if they are purely moving for financial reasons? Some experts are predicting a recession, which ultimately can mean jobs are lost. With news of an impending recession, the big question for everyone is “How much of an uplift when changing jobs is reasonable in the current climate?”.