With UK salaries on hold, performance-related pay is more and more important

A recent survey by Reed.co.uk shows that  salaries continue to stutter, even with the increase in number of job opportunities.

Richardsmall

In the first quarter 2014, the number of new vacancies in the UK grew by nearly 10% compared to the last quarter of 2013 and over 30% annually.*(Source: Reed job index). Whilst the increase in job opportunities has to be positive for the UK economy, recruiting the right calibre of candidate can often be difficult. Richard Pipe, Director of Searchlight Investments argues whilst it’s important to offer attractive base salaries, it’s just as important to recognise achievements and loyalty through pay incentives/rewards to those staff who really perform well.

Richard Pipe, Director of Searchlight Investments, comments:

“It is apparent that employment opportunities are improving across the South East, but employers are struggling to find the right calibre people, especially in professional companies like Searchlight Investments.   Too many individuals expect a high salary but in return they fail to offer the dedication and loyalty that an employer requires.  Responsible employers should strike a balance between paying an attractive salary and keeping something in reserve to ensure that all staff enjoy excellent job security and to reward the dedicated and loyal members of their team.  Market forces ensure that salaries move according to supply of and demand for labour.”

As far as the candidate is concerned, according to James Reed, Chairman of reed.co.uk, it’s a very good time to search for new jobs to further your career. James Reed comments: “We’ve endured a prolonged period of salary stagnation. But with more jobs being created than at any time in the last five years, for many individuals, having a look at the market and considering a change of position will be the most effective route to a pay rise.”

 

 

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