The effect of the coronavirus pandemic coupled with today’s ageing population, means it’s more important than ever to devise innovative solutions that address today’s financial challenges.
With employees working for longer, companies need to provide employees with salaries for extended amounts of time. This impacts stating salaries for businesses, as employers may not have the finances to provide attractive starting salaries to new individuals entering the workforce as they try to retain their long-standing members of staff.
It’s important that as a business, you re-evaluate your procedures. The employment landscape is evolving. You need to consider:
- Career duration
- Pensions
- Sick pay
- Pay strategies
Find out more on how an ageing workforce affects pay strategy.