Here at Turning Point HR Solutions we work right across every sector- which is one of the reasons why our insights are so brilliant!
The common thread across all sectors currently is one of pain, but the pain is not the same for everyone.
Within the Care sector, there is a genuine lack of candidates for roles, a consequence of losing 20 % of our workforce perhaps, but certainly this is compounded by the massive emotional hit the sector has taken over the last 2 and a half years. Really good people are simply leaving because they cant give any more, any more. Its not solely a financial thing, its an emotional need for a 2 month sabbatical to recharge- but lets get real, that isn’t going to happen.
Across the finance, legal and tech sectors, we have evidence of huge offers, counter offer and counter counter offers that are driving base salaries- in some cases- 100% above the point they were at 12 months ago. These hot roles are effectively forming two markets.
One market for those employees who are happy where they are and one market for those who are being offered a very lucrative game to play with employers desperate to fill critical business roles within their organisations.
Centralised services such as specialist HR are in very high demand, but the specialist skills sets most searched for are thin on the ground.
Inflationary pressures continue to rise and with October price cap review rumored to be an increase of a further 65%(!), this isn’t going to soften just yet.
The pandemic has undoubtably redrafted people psychological contract with work. In our view this redefined psychological contract isn’t going to change- the genie is out of the bottle. What will change however is peoples readiness to jump ship and move so readily.
Inflation will impact interest rates, which will continue to rise and effect everyone on SVR mortgages. A recession is likely, which in turn will bring a greater value associated with secure jobs in long term sustainable organisations.
In short, paying over the odds right now for those roles you have to have isn’t playing the long game, in our opinion. Breaking your pay structures to on board roles you may already have at a far higher rate may well leave you with legislative considerations around equal pay.
As always, we can assist, advise and support you and your organization both now and in the long term. Contact us here.
Peter Brauer CEO