'It's currency on their CV' | L&D is the key to bolstering your employee offering without spending anything

Staff retention levels are at an all-time low, whilst economic pressures are weighing down on businesses, making them reassess where their money is going, and the cost-of-living crisis is having a strain on employees, forcing many workers to ask for pay increases. Arguably, it’s a difficult time for firms, who must strike a balance between saving money and financially supporting their staff.

Nintendo recently increased the salary of its employees by 10%. Some commentators expressed criticism towards the move, saying it would impact company profit and dividends going to stakeholders. For most businesses, this move would be impossible at this point in history. But the Japanese game company’s president, Shuntaro Furukawa, has emphasised the value of increasing employee pay.

I believe the most important factor in maintaining our high level of competitiveness is to value the employees that have created various popular products and built our brand,” said Furukawa of the pay increase.

“Currently, we are experiencing unprecedented levels of global inflation, and in Japan, we understand that people are facing increasing financial pressure in their daily lives. For this reason, to deal with long-term and continuing changes in the environment, Nintendo increased the base salary for all employees in Japan by 10%, separate from the annual wage increase.