New Year - New You - New Crisis?

Welcome to 2023! A short and sweet blog from me, but hopefully thought provoking nonetheless…. 

We are seeing all the LinkedIn updates with everyone’s promotions, the January pay rises have been confirmed, Christmas bonuses in the bank…. Is everyone happy though? 

We’re now starting the great discussions on cost of living. In normal life scenarios, people are thrilled with a pay rise, but to what level? What’s enough…. 5%? 10%? But hang on, this doesn’t really make a dent for the cost of living increases in Jersey…. What about those who weren’t fortunate enough to get a pay rise? 

What do you feel should be done about this? We are seeing some clients take a firm stance against offering pay rises solely on cost of living to try to combat the inflation issues we’re facing; however, we have seen other firms offer as much as an 18% increase to salaries to support their staff through this time….. Who is right and who is wrong? Is this the top consideration for both employers and employees right now? 

I’ve spoken to candidates who are looking to refix their mortgages this year, except it will now cost them £1,000 more a month with the rise in interest rates! How is this manageable?! Candidates have said they need to move to the firms that are offering cost of living increases, purely to survive and provide for their families rather than for progression or perhaps even a want to leave their current employer. 

Feel free to reach out for a chat if 2023 now appears unaffordable - What is your situation? How does this impact you?