Salary benchmarking North East. The cost of living crisis has had a huge impact on the ability of employers to recruit and retain the right candidates. Job seekers across the North East are being snapped up quickly by competitors who are able to offer higher salaries. Businesses know this because they are undertaking salary benchmarking exercises.

North East salary benchmarking shows real struggle

Businesses should pay as much as they can afford. However, many employers cannot afford to offer pay rises let alone meet the rate of inflation. In other words, they can’t recruit the right skills.

Alternative to salary benchmarking North East

Businesses may not be able to afford to pay the salary needed. In this event, employers are developing skills within. Additionally, they are looking at ways to mentor and coach employees to fill the boots of their successors. In other words they grow organically rather than recruit externally.

Establishing a good employer brand – Salary Benchmarking North East

If North East businesses plan to develop talent internally, they need to position themselves as a reputable employer. In other words, they must have more to offer their employees than a competitive salary if they cannot afford significant pay increases.

Salary benchmarking exercises have established that although perks such as unlimited holidays and health care plans are great to have they aren’t the be all and end all. Employers who provide a supportive and inclusive work environment benefit from the greatest employee retention. Employees want to feel valued and heard. It is these employers who can develop talent organically with the greatest of success.

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