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Half of businesses helping staff with cost of living

Results from a survey by XpertHR suggest that helping employees’ with the cost of living is weighing heavily on the minds of business leaders.

With pay awards plateauing at around 5%, approximately half the rate of inflation, its data showed that nearly half (48%) of directors have set pay awards higher than originally planned as they try to attract and retain top talent and compete with higher offers from other companies.

Half (52%) of directors said they felt compelled to pay higher salaries to help employees keep up with the rising cost of living. Initially, this money came largely from reducing office space to reduce overheads (42% of organisations), spending less on technology and innovation (40%) as well as organic business expansion (68%).

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