The recruitment market continues to run hot, with businesses adding new finance positions all the time and yet struggling to find the right talent.
According to recruiter Robert Half’s 2023 salary guide, businesses are also having to be more creative about what they offer new employees as they struggle to keep benefits packages abreast of inflation. The average salary in professional services has increased by 5.4%, yet UK inflation is expected to hit 13% by the end of 2022.
Employers are therefore taking steps to support staff during the cost of living crisis. Some are focusing on employee wellbeing, including mental wellbeing support (eg through an employee assistance programme) and financial training. Others are offering subsidised meals or income streaming (where workers draw down on salaries early).
In a tight labour market, pressure on salaries remains, but other initiatives include the following:
