[WEBINAR] Economic insights to support your pay and reward strategy

In today's rapidly changing economic landscape, it is crucial for organisations to stay informed about the latest trends that can impact their pay and reward strategies. To help businesses navigate these challenges, PayDashboard together with Experian, is hosting an exclusive webinar featuring Experian's economists, who will share insights into the UK economy, providing valuable information on how it may shape reward and pay strategies for businesses. In addition, we will be joined by Product Director Vicky McNab, who will reveal how a data-led approach to understanding your workforce is the key to a robust employee wellbeing strategy.

Join us to gain a deeper understanding of the economic landscape and its implications for your organisation.

WATCH THE ECONOMIC UPDATE SEGMENT

WATCH THE EMPLOYEE WELLBEING SEGMENT

Key takeaways from the webinar:

1. Expense cut-backs

Recent data reveals that three-quarters of people in the UK are trying to reduce their expenses. Understanding the demographics of your employees who are most likely to be coping in this way is crucial. The webinar will delve into this data, helping you gain insights into your workforce, to help inform your pay and reward strategies.

2. Using savings to make ends meet

With 44% of people in the UK dipping into their savings to manage their finances, it becomes essential to consider how this may influence workplace savings or pensions uptake. The webinar will shed light on this aspect, enabling you to evaluate the potential impact on your employees and adjust your financial wellness offerings accordingly.

3. Increasing mortgage costs

Mortgage holders in the UK are projected to face an additional £290 in monthly payments by the end of 2024. This increase may prompt employees to seek higher salaries, creating potential retention risks for organisations. By understanding the timing and magnitude of these changes, you can proactively address employee concerns and develop effective retention strategies.

Importance of truly understanding your employees

To deliver a reward or financial wellness strategy that truly resonates with your workforce, it is vital to understand how your employees are coping financially. By leveraging the economic data and insights shared in the webinar, you can gain a comprehensive understanding of the challenges your employees may be facing and tailor your strategies to better support their financial wellbeing.

WATCH THE ECONOMIC UPDATE SEGMENT

WATCH THE EMPLOYEE WELLBEING SEGMENT