Recruitment agency MRL Consulting Group has given all employees, regardless of length of service, role or seniority, a 10% pay increase as of 1 April.
According to the business, which operates across Europe, Middle East and Africa, the Asia Pacific and the Americas, this is a response to the spike in the cost of living experienced across most of Europe.
MRL adjusts employees’ salaries to the rate of inflation each year, but decided to go further this year. The business reported that it has not raised its prices to pay for this, and will instead fund the pay increase through increased productivity and efficiencies.
David Stone, CEO and founder of MRL Consulting Group, commented that business owners need to “step up and look after their employees,” as “fresh fruit and a company jolly once a month” will not be enough of a reward anymore.
He explained that the ‘great resignation’, an ongoing trend seen across all sectors whereby employees have voluntarily resigned in far greater numbers than before since early 2021, has shown the business how important it is to value employees.
Stone added that staff should focus on delivering world class recruitment services, not worrying about the cost of fuel, food and utilities.
“We’ve been around for almost 25 years, and a number of our employees have been here since the beginning,” he said. “I have always looked after my people and in return they look after me, but it always starts with me. I believe we’ve survived this long because we always try and stay ahead of the curve, and support our clients and candidates as much as we do our own people.”
According to the Office for National Statistics (ONS), the Consumer Price Index (CPI) rose by 6.2% in the 12 months to February 2022. This is the highest CPI 12-month inflation rate in the National Statistics series which began in 1997, and the highest rate recorded since March 1992.