From 1st April, the increase in the National Minimum Wage has come into effect… and it’s a big one.
For a 37.5-hour week (the reality for many businesses), this now equates to an annual entry-level salary of £24,784.50 for employees aged 21 and over, regardless of experience.
It’s an important step, particularly given the continued rise in the cost of living over recent years.
But it does place further pressure on businesses, especially after everything we’ve seen through Covid and ongoing economic uncertainty.
And, as with most things, there’s another side to it.
I’m already seeing the impact this is having within existing teams. Entry-level roles are starting to come in at salaries not too far off those of individuals who’ve built up years of experience, knowledge and value within a business.
And that’s where it gets tricky.
Because it’s not just about what you offer new hires, it’s about how that sits internally. How fair it feels, and how well it reflects the people already in your organisation.
Now feels like a really important moment to pause and sense-check salary benchmarking, progression and overall structure.
This is exactly the kind of conversation we’re having through Simkiss Strategic Recruitment Solutions.
Building on over 13 years’ outstanding reputation, this elevated service brings decades of recruitment expertise and a rich understanding of the regional market, so you’ll benefit from unparalleled insight on tap. Clearer strategies, invaluable market insight, plus the ability to align your talent requirements with your business objectives today, tomorrow and for years to come.
Ultimately, it’s about helping you understand where you sit in the market and making sure that translates in the right way internally to keep your team engaged, motivated and valued.
If this is something you’re starting to think about, please reach out to Rebecca at rebecca@simkissrecruitment.com to have a conversation.
