Yves Hiernaux | Source | CEO, Co-founder at Beebole

Reluctance to raise wages in the face of inflation is often the symptom of foresight anxiety. In 2022 Gartner found that almost half (43%) of businesses find it easier to offer a one-time bonus than to offer a boost to wages. Businesses measure company success and financial performance through KPIs. If they don’t have accurate or relevant insights into the most important areas of their businesses, it is almost impossible to plan ahead. People are always a key part of business, in every sector or market and of any size. Employees’ time matters and they need to be compensated sufficiently or your business could lose its best talent to a competitor who is prepared to match their financial needs. With the pressure now on businesses to proactively raise their wages like some of the biggest UK supermarkets have, businesses need to review their human resources carefully. Detailed timesheet reports that provide insight into how much each employee is costing them each year, month, week, day, or per hour will be indispensable. From there, they can calculate how much they can afford to raise wages, do so fairly and sustainably for the long term profitability of the business.