Boost pay or lose staff, firms told

Marketing and creative businesses are being urged to boost staff pay and benefits or risk losing out to rivals in a new report from recruitment firm Reed, which claims nearly a third (28%) of workers in the sector have set their sights on a new job this year.
With pay remaining largely static and workers reporting fewer benefits, some 42% of employers are worried about losing talented individuals from their organisation, yet are doing little about it.
The Reed 2014 Salary & Market Insight report study, which polled 2,500 employers and employees, reveals that it is time for businesses to take action.
While nine out of ten (89%) marketing and creative staff feel secure or very secure in their roles, many feel the only way to get a pay rise is to move to another company.
Despite this, only 38% of businesses have a talent strategy and none of the organisations questioned had changed their approach or put new incentives in place to support workers in this competitive environment.
The report also highlighted a shortage of skills, with more than a third (39%) of businesses saying they have a skills gap in their organisation and 68% saying this gap is having a negative impact on their business. What’s more, 13% admit they do not do a good job of attracting talent to their organisation.
Reed group managing director Tom Lovell said: “As the economy continues to strengthen and job opportunities rise, the competition for quality candidates will increase, and businesses can’t afford to lose out.
“And despite a need to attract and retain talent within their organisation, many businesses aren’t investing in their workforce through pay or their benefits, such as training, and this will impact on the overall satisfaction rating for their workforce. Businesses need to invest in both their employee brand reputation and talent management to attract people with the right skills to their organisation and hold on to employees with the right talent.”