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Trade Opinion: How wage transparency can boost hiring and staff retention

Trade Opinion: How wage transparency can boost hiring and staff retention

Wage packets have been thrust into sharp focus in the bike industry with a mechanic’s wages in particular shown by CI.N’s research to be stagnating.…

Thursday, Nov 25

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Wage packets have been thrust into sharp focus in the bike industry with a mechanic’s wages in particular shown by CI.N’s research to be stagnating. With inflation looking likely to near 5% we explore the subject of committing to offering a Living Wage…

With wages a continuing to be a controversial topic within the cycling industry, the question surrounding the importance of offering a Living Wage to employees remains at the forefront of many discussions. To what degree does committing to such a thing boost staff morale and help retention of good workers? Does being up front about pay during recruitment drives boost applicant rates?

A person’s financial situation has long been somewhat of a taboo subject in British culture, leading to many people feeling uncomfortable when it comes to discussing wages or annual salary with employers and others alike.

Anthony Lau, Cyclehoop founder and the creator of Bike- hangar, tells CyclingIndustry.News that “talking openly about wages can be uncommon and often at a detriment to staff development and loyalty. This autumn we introduced pay bands to increase people’s understanding of the skill and pay opportunities associated with each role in our organisation and to promote a culture of transparency.”

Earlier this year, Halfords became one of the first UK listed retailers to replace locked monthly pay with flexible pay in a bid to increase the financial wellbeing of its employees.

Last year saw the retail giant set up a ‘Here to Help’ fund, providing emergency financial support to colleagues when Covid-19 lockdowns […]

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