{"id":23013,"date":"2023-01-18T16:14:53","date_gmt":"2023-01-18T16:14:53","guid":{"rendered":"https:\/\/www.moorethompson.co.uk\/?p=23013"},"modified":"2023-01-18T16:14:53","modified_gmt":"2023-01-18T16:14:53","slug":"want-to-support-staff-with-the-rising-cost-of-living","status":"publish","type":"post","link":"https:\/\/www.moorethompson.co.uk\/mt-pay\/payroll-press-articles\/want-to-support-staff-with-the-rising-cost-of-living\/","title":{"rendered":"Want to support staff with the rising cost of living?"},"content":{"rendered":"<p>A growing number of businesses recognise the struggles that their staff face and want to offer additional support to them.<\/p>\n<p>In fact, a recent study by TotalJobs showed that:<\/p>\n<ul>\n<li>77 per cent of workers are worried about the cost of living<\/li>\n<li>Not surprising given that 30 per cent feel their wage does meet their basic needs<\/li>\n<li>This is exacerbated by the fact that 90 per cent of workers have experienced rising work-related costs in the last 12 months.<\/li>\n<\/ul>\n<p>Of course, employers can\u2019t always do more quickly or easily, but can they afford not to act?<\/p>\n<ul>\n<li>More than a third of workers are considering changing work or sectors to seek better pay<\/li>\n<li>Pay in 29 out of 40 sectors in the UK has fallen behind inflation \u2013 average pay only increased by 3.05 per cent in the last year<\/li>\n<li>Essential workers are already twice as likely as non-essential workers to have left their job in pursuit of better pay<\/li>\n<\/ul>\n<p>With the average cost of recruiting a new employee being \u00a36,125 \u2013 rising up to \u00a319,000 for senior roles \u2013 according to the CIPD, can you afford to lose and replace staff?<\/p>\n<p>It\u2019s not all doom and gloom though as in the last year as 58per cent of employers met the expectations of their staff by increasing their salaries, of which:<\/p>\n<ul>\n<li>35 per cent awarded pay rises of between 1-5 per cent<\/li>\n<li>34 per cent increased salaries by 6 \u2013 10 per cent<\/li>\n<li>For the lucky few, 16 per cent of employers offered average raises of 11-20 per cent.<\/li>\n<\/ul>\n<p>Where employees didn\u2019t receive a raise at all, the primary reason was the effect of the cost-of-living crisis on their employer \u2013 affecting around 35 per cent of employees.<\/p>\n<p>Despite this 62 per cent of those who received a raise did so because their employers recognised the effect of the cost-of-living crisis on them.<\/p>\n<h4>Do you need advice on setting salaries?<\/h4>\n<p>With changes to the National Living and other National Minimum Wage rates coming up in April, now is an important time for employers to review their current salary levels.<\/p>\n<p>Some of the recent assessments that we have conducted for clients have seen their employment costs increase by many thousands of pounds per year, even among smaller workforces.<\/p>\n<p>If you would like assistance with your remuneration plans for 2023 our team at MT Pay can help. To find out more about our services, please <a href=\"\/contact-us\/\">contact us<\/a>.    \t<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A growing number of businesses recognise the struggles that their staff face and want to offer additional support to them. <a href=\"https:\/\/www.moorethompson.co.uk\/mt-pay\/payroll-press-articles\/want-to-support-staff-with-the-rising-cost-of-living\/\" class=\"more-link\">&#8230;<span class=\"screen-reader-text\">  Want to support staff with the rising cost of living?<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":22872,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-23013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-payroll-press-articles"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Want to support staff with the rising cost of living? - MT Pay<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.moorethompson.co.uk\/mt-pay\/payroll-press-articles\/want-to-support-staff-with-the-rising-cost-of-living\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Want to support staff with the rising cost of living? - MT Pay\" \/>\n<meta property=\"og:description\" content=\"A growing number of businesses recognise the struggles that their staff face and want to offer additional support to them. ... 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