With the grim petrol price increase prediction of over R3,00 per litre for June 2022, employees are feeling the pinch where disposable cash is rapidly dwindling and are doing everything in their power to try keep their heads above water.
Tanya Tosen
Tax and Remuneration Specialist
Employers are feeling the ultimate pressure with the conundrum of how to remunerate employees more effectively to not only retain but also to attract talent into their workforce during these tough times.
Below are 3 key considerations that employers should consider, in adopting leading remuneration practices in the market:
With pressures mounting all round and the constant battle of trying to stretch the Rand to go further, there is no better time for Employers to have a pro-active approach to their remuneration and benefits.
With careful planning and adopting some of the above strategies, employers should both be able to control their employee costs whilst compensating employees in a favourable manner to assist in their cash flow.
Employers should act now in assisting their employees as much as possible, whose disposable income has been severely impacted due to the constant rising costs of their basic needs in the form of petrol, electricity and food versus a year ago.
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