UK banks offered employees one-time bonuses or pay increases to help with the cost of living, but longer-term solutions may be needed to keep hold of staff.
Workers' rights group Unite the Union has been lobbying for organizations, including banks, to offer financial support to employees.
While these support measures may be welcome boosts for employees, they may not go far enough, said Ruth Thomas, chief product evangelist at compensation software and employee management company Payscale. Barclays announced in June a pay increase for 35,000 of its U.K.-based staff. Those in customer-facing, branch and junior support roles received a £1,200 increase to their annual pensionable salary effective Aug. 1.
The bank is"committed to helping customers and colleagues during these challenging times," according to CEO Nick Slape.