If recruitment and employee retention is always a priority for HR teams, getting it right in the current economic climate is more critical than ever.
The Office for National Statistics recently shared that over 40% of companies (across various sectors) employing more than 10 people are struggling to attract talent. Vacancy numbers are also at near-record high levels. Towards the end of last year, rates averaged 1.2 million monthly, more than the number of unemployed people.
In this economy, HR teams need help, and salary surveys simply don’t cut it anymore.
They need privileged access to live data to make informed decisions and actually use pay to optimise costs and support their organisation’s growth.
What’s more, not being up to date with pay can put your organisation in a tough spot:
Sounds like a familiar problem?
We have a solution.
It’s called Pay Tracker Live.
Pay Tracker Live is a simple but powerful salary benchmarking tool built for HR professionals. It provides real-time insights to give human resources teams instant, localised and reliable job market data.
With just a few clicks, Pay Tracker Live allows you to access salary information for any job title in the UK. You can stay up-to-date with the job market and make accurate and data-driven salary decisions about how much to pay your people.
We use daily job boards, including LinkedIn and Glassdoor, and store all the data for you to analyse. So you can anticipate market changes and check historical pay rates.
Last year was tough for attracting and retaining talent. And this year is proving just as challenging.
Although total pay did grow towards the end of last year, real wage growth was actually negative 2.6%, with many people struggling with the rising cost of living. Over a million fewer people are in the workforce than pre-pandemic, resulting in skill shortages across various industries.
There are also wide salary gaps between those choosing to stay in their roles and those leaving for a higher salary elsewhere. For many, moving jobs and negotiating more pay is better than staying with an employer who isn't paying them what they're worth.
All of this means companies are competing against each other to retain and attract the best people, leaving little room for mistakes.
One way to avoid losing talent is to make sure you always pay market rates.
That’s where Pay Tracker Live comes in—giving you accurate insights about how much to pay employees.
Pay Tracker Live helps you offer the right compensation to attract and retain the talent you need to succeed. Here’s how:
Our real-time data and localised search lets you keep your finger on the market's pulse.
With access to over 20 million job ads, HR departments can monitor and track pay developments across roles, locations and industries. So you can see where the market is heading before competitors. And develop salary strategies to build the right team for your business.
Job availability, number of candidates, education, and skills can all influence salaries. All of which can change quickly. Because so many salary surveys are conducted annually, they can’t offer the same access to real-time data as Pay Tracker Live.
With Pay Tracker Live, you can adopt the right pay strategy and anticipate budget needs for specific jobs. To get the best people for the right price.
Since 2019, employee turnover has increased by almost 8%.
As a result, around 50% of UK companies are boosting compensation for their people to retain their top talent.
But to do this effectively, you need to understand what fair compensation looks like. Having access to a single platform like Pay Tracker Live gives you the most reliable market view. You can boost employee engagement by paying people fairly. And ensure you don’t lose your best people to competitors.
When you're hiring for different regions, you need to be able to run localised searches to offer the most relevant salary for each location.
Pay Tracker Live lets you check pay levels for different cities and towns. For example, you can search for average annual salaries for Marketing Manager roles. In London, Pay Tracker Live reveals that the role pays around ￡5,000 more than the same role in the West Midlands. So you can ensure you never overpay your people, no matter where they work.
On average, it takes an organisation around 40 days to find and hire a new team member, with lots of time spent researching salary data.
This can be even more if you seek information on niche roles. With Pay Tracker Live, you can find data on specialised roles in seconds, like a food stylist or wind turbine technician.
Our easy-to-search filters also let you search by specific skills, such as the ability to operate specialised machinery or legacy systems. Using filters frees up your time to focus on things higher up the priority list.
We've already helped hundreds of HR professionals make better pay decisions with Pay Live Tracker.
The aha moment happens when we demo Pay Tracker Live and make a simple job title search. They have never seen anything like it before.
It’s especially exciting for them to see that even laser-focused search terms display results. I’m not saying you’ll always find something. But you will, in a vast majority of cases.
One of our customers summed it up quite well:
“It now takes me 30 seconds to do something I needed a day or more to complete”.
Another of our customers, James Fleetwood-Lowe (Senior Reward Manager at Royal London), told me he is impressed with the results he found for a specific role they are currently trying to fill and that he particularly appreciates the ‘export to excel function’ which lets him analyse the data in more detail.
Since launching Pay Tracker Live, we've been working hard to improve it. We want our customers to get the best insights into market shifts to stay competitive.
We've increased our data sources to get an even broader view of the jobs and salaries offered throughout the UK. Initially pulling from around 20 million job posts, we'll be sourcing data from 60 million job posts by the end of this year.
We want to give customers the most comprehensive view of the market. So, we’re building extra features to deliver even more value, like the ability to filter by company name and extracting full benefits information from our job listings.
If you're interested in discovering more, book a demo with our team and discover how Pay Tracker Live can help you build the right teams to accelerate your business.