To many CEOs, it feels as though there is always a competitor that is able to pay more for talent. Martin Hess, Managing Director of Telefónica Tech UK&I, shared that for the first time in his career – which dates back to the 1970s – staff are being given a 5% cost-of-living rise.
Wage inflation and talent squeezes naturally go hand in hand, but tech CEOs can try to break the loop by focusing on culture and purpose within their organisation. These need to be communicated clearly and often, and staff want to see genuine impact, especially around a business’s purpose. It’s not all about money, after all.