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ONS reveals UK weekly earnings have risen 2.3%

The Office of National Statistics (ONS) has announced that average weekly earnings have risen 2.3% in the UK, which is a slight fall from previous months. The report, which includes figures for the three months leading to August, also indicates a slowdown in job creation as jobs growth dipped to 106,000 compared with 174,000 in the three months leading to July. This follows the prediction that inflation will outstrip wage rises next year as prices rise, largely down to the impact of Brexit.

Derek Irvine, vice president of client strategy and consulting at Globoforce, stated, “as wages dip and inflation levels rise, businesses will face an ongoing battle to keep their employees engaged. During times of economic growth, it’s been relatively easy to motivate employees with bonuses and pay-rises to boost productivity and reduce staff turnover, however, with economists predicting an unequal balance between wages and prices, organisations need to look beyond cash awards and bonuses.”

He went on to say, “to retain staff, businesses must start to create positive employee experiences where employees feel appreciated and recognised. The fact is, loyalty is very rarely linked to money; instead it’s associated with feeling valued within a company. If employees feel recognised for their efforts, or appreciated for doing a good job, they are more likely to release discretionary energy that inspires them to go above and beyond and do the best work of their lives. A recent research study from IBM’s Smarter Workforce Institute and Globoforce’s WorkHuman Research Institute about what constitutes a human workplace provides actionable insight into what is most important to employees, and what organisations can do to improve the employee experience. The study garnered responses from 23,000 employees in 45 countries and found employees experiencing a higher level of humanity at work tend to perform better, are more likely to exert extra effort at their jobs, and are less likely to quit companies.

Derek continued by saying “one of the best ways for businesses to keep employees happy is to ensure they are encouraging recognition at all times and that they are aligning rewards with the motivational needs of the workforce. Social recognition, which involves performance feedback coming from everyone in the company – not just managers – is key. Peer to peer recognition has a proven return on investment as it consistently acknowledges employees’ efforts, which improves engagement, motivation and job satisfaction and ultimately create a positive employee experience.”

This was posted in Bdaily's Members' News section by Savannah O'Hare .