Tag: Salary Surveys

Unraveling the Complexity: Useful Strategies for Managing Amid Uncertain Times

UNRAVELING THE COMPLEXITY – USEFUL STRATEGIES FOR MANAGING COMPENSATION AMID UNCERTAIN TIMES

Written by Kai Donesa on . Posted in Resources.

Navigating volatility is essential in a world where the only constant is change. Managing amid uncertain times is a necessary skill that demands resilience, agile decision-making, and a shift in perspective.

This blog post provides the mindset, tools, and actionable strategies to help you face labor market challenges head-on and deliver results regardless of the circumstances. We’ll share a roadmap grounded in our years of experience serving clients across emerging markets, with insights you can apply to your organization. Equip yourself with a resource that helps you stay resilient and adapt to the rapid pace of change.

The nature of volatility

Volatility is often used in finance, but its application extends beyond stocks and bonds. In the broader sense, volatility refers to the degree of variation or instability. In the business continuity context, this could mean unforeseen circumstances that disrupt the normal dynamics of the labor market.

Examples of volatility include:

  • Hyperinflation, devaluation, and other economic events
  • Natural disasters, such as earthquakes
  • Periods of unrest, civil war, or armed conflict

The key lies in understanding volatility and learning how to manage it. In this way, you can ensure your organization’s sustainability.

Remember, uncertainty is part of the world we live in. Accepting this is the first step to managing it effectively.

The need for strategic planning in HR

Human resources (HR) plays a crucial role in managing volatility. As the hub for workforce management, HR helps ensure the organization’s stability while adapting to changing circumstances. Your people are your greatest asset, and ensuring staff feel secure and supported is important.

Strategic planning in HR is, thus, essential. Planning involves identifying, managing, and mitigating risks and ensuring the organization has the right tools and policies to address them. Planning allows HR to anticipate and prepare for volatility rather than merely reacting. It’s about thinking ahead.

Strategic planning also fosters a proactive culture within the organization. By actively seeking out and addressing issues, HR can inspire employee confidence, encouraging a sense of security and stability even during uncertain times.

Key strategies and tools to manage volatility

Managing volatility effectively requires both strategic thinking and practical action. Here are a few key strategies and tools that can help you navigate uncertain times with resilience:

Stay updated on news and current events. Knowledge is power. Staying informed about current affairs around the world is essential, particularly during times of uncertainty. We recommend you begin by reading our headline articles, which provide the latest updates on local market conditions.

Monitor labor market movement. In a dynamic global economy, it is crucial to watch for changes in labor markets. This involves keeping a firm pulse using reliable resources, such as our bi-monthly Market Monitor report. Our report draws insights from our diligent monitoring of exchange rate movements of local currencies against the United States dollar, euro, and other major currencies.

We mainly focus on emerging markets, given their inherent volatility and susceptibility to unexpected events. This strategy allows us to provide relevant and insightful data, ensuring you can react to market trends.

Define your Compensation Policy. Another strategy is to define how your organization will remunerate its employees. The Compensation Policy includes the mechanics for paying base salary, cash and in-kind benefits, as well as non-salary and after-service benefits, providing a holistic view of the total compensation structure. The policy builds transparency, setting clear expectations for compensating staff.

Establish your Special Measures Policy. Staff want to rely on you to support them during a crisis. Managers want to be able to make decisions quickly in challenging times. A clear Special Measures Policy addresses these concerns. This policy, designed to supplement your existing Compensation Policy, outlines what the organization will do when certain uncontrollable events—like hyperinflation or a natural disaster—occur and monitoring the labor market is no longer sufficient.

Get in touch with consultants and other employers. No organization is an island. Reach out to consultants and other employers for insights and collaboration. It’s crucial to foster a shared understanding of labor market trends and devise responses to market volatility.

Additionally, engaging with an HR consultancy like Birches Group can help you gain valuable insights into the intricacies of HR management. Open dialogues with industry peers can offer a diverse perspective on handling workforce challenges, helping your organization thrive amidst uncertain times.

Case Study: Effective HR Management in Times of Volatility

To illustrate how you can apply these tools and strategies in a real-world context, let’s look at a case study: a global public health initiative operating in markets where economic conditions can become unsettled due to a range of factors. During such situations, the Initiative recognizes the need to support its staff in facing hardships related to volatility.

The Initiative has tapped the expertise of Birches Group in designing a Special Measures Policy to address the challenges posed by market instability and to ensure the continuity of its operations while upholding its core principles. The policy is driven by key objectives such as business continuity, staff assistance, and competitiveness.

Birches Group designed a Special Measures Policy that covers the following:

  • The conditions that will trigger the start of the policy,
  • The measures that will be applied, and
  • The level of coordination involved in conducting the policy.

The policy provided the Initiative with a systematic approach to responding to instabilities in local markets. Establishing such a policy also allowed the Initiative to take the lead in helping staff amid uncertainty while being mindful of actions taken in the market.

The Initiative has taken a proactive approach to implementing special measures when necessary. The organization checks market conditions, assesses the impact on its staff, and considers the broader economic context.

Being proactive amidst uncertain times

In the face of volatility, be proactive rather than reactive. This involves anticipating changes, planning for various scenarios, and continually striving for improvement. It’s about taking charge of the situation rather than simply reacting.

Remember, being proactive means being ready for whatever comes your way. By applying our recommended tools and strategies, you can confidently navigate uncertain times and ensure your organization’s sustainability in the face of volatility.

How Birches Group can help you manage volatility

At Birches Group, we understand the challenges of managing volatility and are here to help. We offer various HR services and tools to help you navigate uncertain times effectively. Whether through sharing guides and resources or designing your organization’s Compensation or Special Measures policy, we can support you in navigating volatility successfully.

As a global HR consultancy, Birches Group offers tools and strategies to manage volatility effectively. Our team of experienced consultants can help you understand the nature of volatility and develop appropriate policies.

Does your organization need guidance in managing staff amid uncertain times? Contact us today.

Carla is a part-time copywriter in our marketing team in Manila. Before shifting to freelance writing in 2020, she worked as a marketing and communications specialist at the offices of EY and Grant Thornton. She has written about HR and career development for Kalibrr.

Follow us on LinkedIn for more content on pay management and HR solutions.

Ghanaian currency notes of varying denominations featuring images of notable figures and intricate designs.

Navigating Ghana’s Debt Crisis: An Update

Written by Kai Donesa on . Posted in Uncategorized.

Birches Group monitors labor market trends making headlines worldwide, ensuring you are updated on the latest developments.

As the world grapples with economic uncertainty, one country that stands out in its struggle is Ghana—a gold, cocoa, and oil producer in West Africa.

In 2022, we published a headline article on Ghana, detailing the government’s efforts to stabilize the economy amidst a cost-of-living crisis. In our article, “Ghana’s Cost of Living Crisis: What You Need to Know,” we also explored the growing concerns surrounding the country’s surging inflation.

Since then, Ghana has plunged into a financial crisis—its worst in a generation—mostly due to its rising debts. AllAfrica.com reports that Ghana’s debt-to-GDP (Gross Domestic Product) ratio has reached 98.7%, severely hindering the country’s economic growth and stability.

According to an article by the New York Times, Ghana’s debt crisis has reached a critical juncture: the government was struggling to meet its financial obligations. On 19 December 2022, Ghana suspended payments on most of its external debts, effectively entering a state of default. By the end of 2022, Ghana owed US$63.3 billion to both foreign creditors and domestic lenders.

The government’s decision was met with mixed reactions, with some welcoming it as a necessary step to restructure Ghana’s debts. Other voiced concerns about its long-term implications.

A strain on households and businesses

The debt crisis is greatly affecting individuals and firms across Ghana. In a survey by Afrobarometer, 87% of citizens think the country is heading “in the wrong direction.” Rising prices have eroded purchasing power, making it difficult for many to afford necessities. Businesses are facing increased costs and reduced consumer demand.

A World Bank report estimated that 850,000 Ghanaians have drifted into poverty due to double-digit inflation. And over the past two years, anti-government protests have become more frequent, news outlets like the BBC and Business Insider Africa have reported.

The government’s response to the debt crisis

However, the Ghanaian government has not been idle in the face of the debt crisis. It has embarked on several actions to address the matter, including seeking aid from the International Monetary Fund (IMF) and implementing austerity measures.

Seeking financial aid from the IMF. In May 2023, Ghana secured an Extended Credit Facility amounting to US$3 billion over the span of three years. “It is the 17th time Ghana has been compelled to turn to the fund since it gained independence in 1957,” the New York Timesnotes.

The Washington-based lender has laid out a detailed rescue plan to get Ghana back on its feet. The plan includes measures to cut back on debt and spending, raise revenues, and protect the poorest. In the meantime, Ghana shall continue to negotiate with its foreign creditors.

As a result of its strong performance in meeting IMF targets, Ghana reached an agreement on 6 October 2023 to unlock the next US$600 million of its financing.

Restructuring debts. To meet IMF conditions, Ghana has also embarked on comprehensive debt restructuring. The New York Times remarks that “the debt situation was so unusual that the IMF, for the first time, made settling its domestic debt a prerequisite for a bailout.” A partial restructuring, which included swapping local bonds with new ones and extending due dates, was launched in December 2022 and completed in February 2023.

In May 2023, Ghana’s creditors formed a committee for debt restructuring talks. It received a “working proposal” a month later, sources with direct knowledge of the matter told Reuters. As of this writing, Reuters reports that Ghana is in the advanced stages of restructuring its external debts, with hopes of achieving a resolution by the end of 2023.

Other reforms. Additionally, the Ghanaian government is complementing IMF aid and debt restructuring with reforms in tax policy, revenue administration, and public financial management. The reforms aim to restore economic stability and debt sustainability, while protecting the vulnerable, preserving financial stability, and laying the foundation for strong and inclusive recovery.

Despite the challenges, there have been some positive developments. The IMF sees that Ghana’s commitment to strong policies and reforms is bearing fruit. “Signs of economic stabilization are emerging. Growth in 2023 has proven more resilient than initially envisaged, inflation has declined, the fiscal and external positions have improved, and the exchange rate has stabilized,” the lender said after its first review in October 2023.

Despite these efforts, Ghana’s debt crisis is far from over. As they navigates this challenging period, it is crucial for organizations to stay informed. By understanding Ghana’s debt crisis, your organization can better prepare for similar situations in other labor markets.

How Birches Group can help

Ensure you are always prepared for changes in market conditions with our Market Monitor. Our trusted resource provides you with insights into current developments in emerging markets, empowering you to make informed decisions and adapt to new challenges.

Subscribe now and embark on a journey toward a deeper understanding of the market. Take the first step toward enhanced market insights today.

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A devastated cityscape with extensively damaged buildings and rubble. Smoke rises from a fire in the distance under a cloudy sky.

An Unfolding Crisis: Inside the Israel-Hamas War

Written by Kai Donesa on . Posted in Uncategorized.

Birches Group keeps an eye on labor market trends that are grabbing headlines across the globe, ensuring you stay up to date with the latest events.

A massacre in southern Israel appears to be a turning point in the simmering confrontation between Hamas and Israel, says Newsweek. Tensions between the Palestinian militant group and the Middle Eastern nation periodically ignited short-lived, intense conflicts—until recently.

Hamas, which has ruled the Gaza Strip since 2007, launched an unprecedented attack inside Israel in the early morning of October 7, 2023, during a major Jewish holiday.

According to Al Jazeera, Associated Press, and other news agencies, Hamas fired a barrage of rockets into Israel with sirens heard as far away as Tel Aviv. Backed by rockets, hundreds of Hamas gunmen infiltrated Israel’s heavily fortified border and rampaged nearby towns. Over 1,300 people have been killed in the multi-pronged assault, and at least 150 soldiers and civilians, including foreign nationals, have been abducted and held in the Gaza Strip as hostages.

The BBC’s International Editor says it was the most ambitious operation Hamas has ever launched from Gaza and the most serious cross-border attack Israel has faced in over a generation.

On the day of the attack, Israel declared a state of war and approved “significant military steps” in response. According to Time, the goal of Israel’s military operation is to “achieve the destruction of the military and governing capabilities of Hamas.” As Israel launches multiple airstrikes on Gaza and mobilizes its army for a ground invasion, the world’s eyes are focused on what might come next.

Israel retaliates

As a result of the October 7, 2023, surprise attack, Israel has responded with multiple devastating strategies:

Launched a series of airstrikes. When Hamas fires rockets at Israel, warning detectors are set off, civilians flee to a network of bomb shelters, and the Iron Dome system intercepts projectiles in the air. CNN says that, in Gaza, none of those high-tech defenses are available.

The Israeli military had dropped thousands of bombs on Gaza as Hamas militants fired rockets into Israel. The United Nations (UN) Office for the Coordination of Humanitarian Affairs reports that the bombardment of Gaza has destroyed entire neighborhoods, leaving over 20% of the population displaced.

Meanwhile, Human Rights Watch has accused Israel of using white phosphorus, a controversial munition, in its bombings. Sometimes used to mark areas, the highly combustible chemical can severely burn people.

Imposed a total blockade of Gaza. The Gaza Strip has been almost completely cut off from the world for nearly 17 years. Israel and Egypt have imposed a land, air, and sea blockade since Hamas took over the Palestinian territory. The movement of goods is tightly restricted. On October 9, 2023, Israel imposed a “complete siege” of Gaza, cutting access to electricity, food, water, medicines, and fuel until the hostages are returned home. Since then, the enclave of 2.3 million people has been incapable of receiving humanitarian aid.

Ordered a mass evacuation of northern Gaza. The Gaza Strip has one of the world’s highest population densities. Additionally, over 75% of its people are registered refugees. On October 13, 2023, Israel’s army ordered civilians in Gaza City and the north of the Gaza Strip—an estimated 1.1 million people—to evacuate their homes and flee to the south within 24 hours. The UN says the task is dangerous and unfeasible amid constant airstrikes.

The situation leaves civilians in Gaza with no way of escaping the conflict. Two of the three crossings out of the Palestinian territory are shut, and its southern border with Egypt is routinely closed.

Called for troops for a ground offensive. In the first few days of the conflict, Israel has conducted small-scale operations against Hamas fighters to regain control of infiltrated communities.

Although Israeli officials have yet to order a full-scale ground invasion of Gaza as of this writing, they have been planning for it. Numerous news outlets report Israel has amassed over 160,000 soldiers and 360,000 reservists, the biggest call in 50 years. Vast numbers of troops have already assembled on the Israel-Gaza border, along with weaponry, tanks, and armored vehicles.

Fighting between Israel and Hamas is expected to intensify in the coming weeks, and the escalating conflict has heightened fears of a long and brutal war.

The impact of the escalating conflict

The BBC reports that survivors in both Gaza and Israel describe the scale of devastation as “something they have never experienced in the decades of conflict between both sides.” Beyond the immediate toll of death and injury, the Israel-Hamas war has disrupted every facet of daily life, especially for people in the Gaza Strip.

Displaced population. The UN humanitarian office says the bombardment of Gaza has damaged more than 12,000 homes. As airstrikes and shelling continue, more people flee and seek emergency shelter. The UN agency for Palestinian refugees adds that at least 400,000 people have been displaced in schools, hospitals, and other buildings.

Additionally, parts of southern Gaza are becoming more crowded and overstretched as waves of evacuating residents from the north abandon their homes.

Rapidly deteriorating humanitarian crisis. The UN human rights chief said Israel’s announcement of a complete siege worsens the already dire situation in the Gaza Strip. “There is not one drop of water, not one grain of wheat, not a liter of fuel that has been allowed into the Gaza Strip for the last eight days,” remarked Philippe Lazzarini, the Commissioner General of the UN Relief and Works Agency for Palestine Refugees (UNRWAS), on the situation.

Even before the violence escalated, 80% of Gaza’s population needed aid. In addition, the UNRWA told Al Jazeera that it has less than two weeks’ supply of food and water to assist people who have sought refuge in its schools.

As a result, the UN and relief groups are pleading for opening an emergency corridor, allowing the safe passage of civilians and the transfer of much-needed humanitarian aid. CNN reports that tons of vital supplies for people in Gaza are now piling up on the Egyptian side of the border.

The Guardian notes that Gaza’s inhabitants, battered by four wars over 16 years, will pay the heaviest price.

The global response

The international community, spearheaded by the UN, has expressed deep concern over the recent escalation of conflict. UN officials have called for an immediate ceasefire, respect for international law, and the protection of civilians. UN spokesperson Stephane Dujarric said, “The Secretary-General is deeply concerned for the civilian population and urges maximum restraint.”

A turning point

Observers anticipate a major ground assault on Gaza. Israel’s military says it is preparing for the “next stages of the war” against Hamas, with troops gearing up for strikes from the air, sea, and land, as well as a significant ground operation.

Although it is too early to know how long Israel’s military response will last, experts have told Time that it will last into the weeks and months ahead.

Analysts say the brazen attack by Hamas is a turning point in the decades-long Israeli-Palestinian conflict with far-reaching repercussions. “The October 2023 conflict between Israel and Hamas marks the most significant escalation of the ongoing Israeli-Palestinian conflict in several decades,” says the Council on Foreign Relations.

How Birches Group can support your organization

Establishing a Special Measures Policy is crucial for your organization to maintain business continuity during times of conflict, such as the Israel-Hamas conflict. A Special Measures Policy allows you to adapt your compensation practices to changing circumstances, ensuring sustainability despite the challenges.

We at Birches Group offer expertise in crafting Special Measures policies tailored to your unique needs. Our consultants have deep knowledge and an understanding of crises and unforeseen events, enabling us to provide solutions considering present challenges, risks, and uncertainties.

Don’t wait for conflict to disrupt your operations. Reach out to Birches Group today. Our experts are ready to guide you in developing a clear Special Measures Policy, positioning your organization to withstand volatility and to continue doing business even in the face of conflict. Taking this proactive step can help your organization in the current global climate.

This article was written in mid-October 2023. Please note that the Israel-Hamas War, as discussed in this headline article, is ongoing. The statistics and events discussed are accurate up to the time of writing. However, as this is a dynamic event, there may have been significant changes and developments.

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A close-up image of Nigerian banknotes in various denominations: 100, 200, 500, and 1000 naira, featuring portraits of notable individuals.

The Impact of Devaluing the Nigerian Naira

Written by Kai Donesa on . Posted in Uncategorized.

Birches Group keeps an eye on labor market trends that are making headlines across the globe, ensuring you are up to date on the latest developments.

On 14 June 2023, the Nigerian naira lost a staggering 25% of its value compared to the previous day, macroeconomic intelligence provider Focus Economics reported.

The sharp devaluation was caused by the Central Bank of Nigeria’s decision to allow the naira to fluctuate freely, letting market forces determine the exchange rate. The Central Bank also implemented several reforms, including scrapping the segmentation of its foreign exchange market. For six years, the local exchange rate was held artificially low and changed little.

A welcome, bold start

Following his inauguration on 29 May 2023, President Bola Tinubu hit the ground running with a string of sweeping changes. He noted Nigeria’s monetary policy needed “thorough house cleaning” to help the economy become more competitive. Within his first three weeks in office, Tinubu embarked on some of the most radical reforms in decades:

Petrol subsidy removal. By ending its longstanding petrol subsidy, the Nigerian government is projected to achieve fiscal savings of nearly 4 trillion naira (US$5.10 billion) in 2023. These savings are expected to reach over 11 trillion naira by the end of 2025.

Suspension of Central Bank governor. On 9 June 2023, Tinubu suspended Central Bank Governor Godwin Emefiele following divisive policies. During Emefiele’s term, a black market for foreign exchange thrived.

Reforms in the foreign exchange market. Foreign investors have flagged Nigeria’s foreign exchange restrictions as an obstacle to investing. The move towards a more unified and market-responsive exchange rate will foster a stable economic environment and prevent the dollarization of the economy.

According to Reuters, Tinubu inherited anemic economic growth, record debt, and shrinking oil output. However, he has promised to put the economy back on track and asked Nigerians to support painful decisions. The speed of his decisions took many by surprise.

Short-term pain vs. long-term stability

Every day Nigerians are feeling the brunt of the government’s economic shakeup. The Guardian reports that, while Tinubu’s policies please foreign investors, the devalued naira means ‘national sacrifice mode.’ People are feeling the strain as their new president pushes through the widely unpopular policies. Living costs have further increased.

The currency devaluation is already pushing prices amid a significantly higher foreign exchange rate, cites Africanews. This change will cause considerable short-term pain but will correct the economy, say economic analysts. Nevertheless, Nigeria continues to face rising inflation and increased poverty rates, pressuring the government to address concerns.

On a positive note, the recent changes are considered a welcome development. The floating exchange rate is expected to strengthen investor sentiment and bring in much-needed capital. Observers have described the transition as a “window of opportunity” that could have a transformative impact on millions of Nigerians.

The steps have fired up markets, sending stocks in Africa’s largest economy to their highest level in 15 years. For its August 2023 Nigeria economic outlook, professional services firm PwC reported that the positive investor sentiment drove up the market capitalization of the stock exchange by 9.3%. “Just the fact that you have seen quite a bit of movement in a relatively short space of time has gotten a lot of people in the market excited,” Goldman Sachs economist Andrew Matheny told Reuters.

In a statement, the World Bank said, “The recent removal of the petrol subsidy and the foreign exchange management reforms are critical steps to address long-standing macroeconomic imbalances and have the potential to establish a solid foundation for sustainable and inclusive growth.” “Deepening and sustaining these changes is imperative to enable Nigeria to break out of the cycle of macroeconomic instability, low investment, sluggish economic growth, escalating poverty, and fragility.”

The World Bank expects growth in Nigeria to increase: “While inflation will be higher in 2023, it will be lower in 2024 to 2025 if the right policy mix is sustained.” The creditworthiness and investment profile of the country is also expected to improve.

Bismark Rewane, Chief Executive Officer at Financial Derivatives Company, a Lagos economic think tank, told Reuters, “What we are seeing is the removal of distortions created by inefficient pricing of foreign exchange and in the next few weeks we should start seeing the naira finding its level.” Business Insider Africa says that market participants and stakeholders are closely watching the effects of these significant changes.

What our Market Monitor indicates

In early July 2023, Nigeria entered our list of potentially volatile labor markets at Level Four (of six levels). Level Four shows signs of a sudden, unexpected economic event, as well as a devaluation of the local currency by at least 50% in six months or less. According to the 15 August 2023 edition of our Market Monitor report, the naira dropped as much as 67% in the past six months.

Although this significant devaluation could classify Nigeria at a higher volatility level, our latest salary survey reports that most organizations still denominate salaries in the naira, keeping Nigeria at Level Four for the time being.

Organizations in Nigeria should remain vigilant and closely watch the ever-evolving economic landscape. Staying attuned to shifts in labor market trends, exchange rates, and government policies is imperative to make informed decisions. By being keenly aware of these factors, you can adapt strategies and ensure the sustainability of your business in Africa’s most populous nation.

How Birches Group can help

Get insights into what to consider when your organization develops special policies in response to volatility. Published in English, Spanish, and French every two weeks, our Market Monitor report examines the labor market conditions of over 150 countries for signs of potential volatility.

Subscribe to our biweekly Market Monitor today. Download the 1 and 15 July 2023 editions of our report, where we focus on how you can manage the situation in Nigeria.

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A person walks across a littered, barren dirt field with scattered buildings and a mosque under a clear blue sky in the background.

Understanding the Armed Conflict in Sudan

Written by Kai Donesa on . Posted in Uncategorized.

Birches Group examines labor market developments garnering significant attention, keeping you well-informed and abreast of the latest news.

The scenario many have long feared in Sudan is unfolding. In cities and towns across the northeast African country, including the capital Khartoum, intense fighting between the Sudanese Armed Forces (SAF) and the Rapid Support Forces (RSF) has entered its third month.

On 15 April 2023, armed clashes erupted in Khartoum between two main factions of the ruling military regime: the SAF aligned with de facto leader General Abdel Fattah al-Burhan, and the paramilitary RSF led by al-Burhan’s former deputy Mohamed Hamdan Dagalo. Heavy fighting had been concentrated in urban centers but has now spread throughout what was once Africa’s largest country.

A fierce power struggle

The hostilities between al-Burhan and Dagalo, Sudan’s most powerful generals, broke out after weeks of rising tensions. The delicate power arrangement between the former allies since the 2019 ouster of long-term President Omar al-Bashir had broken down. “Now, their battle for supremacy is tearing Sudan apart,” says the BBC.

The conflict has its roots in disagreements over a proposed transition to civilian rule. It comes less than five months after a framework agreement to relaunch the political process to move to a civilian government. The SAF and RSF showed little willingness to adhere to the agreement, disagreeing on power sharing, setting up a civilian government, and integrating the RSF into the military.

Formal talks brokered by the United States and Saudi Arabia in Jeddah remain suspended. And with a succession of failed ceasefires, observers are deeply concerned that the conflict may continue and the situation will deteriorate further.

Devastating consequences for civilians

An African proverb goes, “When the elephants fight, it is the grass that gets trampled.”

“The scale and speed of what is unfolding in Sudan is unprecedented,” says the United States Agency for International Development. According to reports from United Nations agencies, nearly 1.9 million people have been displaced since mid-April and have fled to safer locations inside and outside Sudan. But the most vulnerable remain stranded due to ongoing fighting, lack of financial means, or trying to keep their property, assets, and livelihoods.

Sudanese lack basic supplies like food, water, and medicine. The physical danger makes accessing essential goods, commodities, and services difficult.

After nine weeks of escalated violence, more than half of Sudan’s population needs humanitarian aid—a 57% increase from the number at the beginning of 2023. But humanitarian organizations have been severely restricted due to high insecurity and infrastructure damage. Aid workers and facilities have also been targeted and attacked, with incidents of looting and supply chain disruptions.

A shock to the Sudanese economy

Sudan’s deepening humanitarian crisis is set against multiple challenges, including economic struggles, natural disasters, and protracted refugee situations. Before the armed conflict began, 65% of the population lived below the poverty line. Decades of war, sanctions, and political instability have also added to the troubled nation’s economic hardships.

The economic fabric of Sudan has experienced a severe shock. Critical infrastructure has been destroyed, pushing health and financial systems to near collapse. Stores, markets, and banks have halted business, fearing attacks. As a result, food prices are rising, and essentials are out of reach for many. Transportation costs to leave conflict-affected areas have likewise increased exponentially.

A fight to the end

The Assessment Capacities Project (ACAPS) reports that fighting is likely to continue soon. Additionally, analysts fear that the conflict risks descending into a sustained civil war. Kholood Khair, a political analyst in Khartoum, told The Guardian, “People in Sudan want to see democracy but don’t believe that either of these actors is going to bring it. It may well be a fight to the end, and neither will come out unscathed.”

Action on Armed Violence adds that the fighting could further fragment the country and worsen political turbulence. Sudan is riddled with other armed groups and militias that could add to the violence, turning a two-sided conflict into a more complex and chaotic situation.

David Miliband, President and Chief Executive Officer of the International Rescue Committee, said, “The worst-case scenario—a complex and protracted conflict—would have catastrophic and destabilizing implications for the region.”

The power struggle in Sudan will have severe repercussions on the vast and strategic country’s transition to democracy, as well as far-reaching implications for regional stability.

How Birches Group can help

Severe social unrest or conflict causes people to be displaced, as we now see in Sudan. The outbreak of violence that has been happening over the last few months has forced thousands to move elsewhere in the country or cross over to neighboring countries for safety.

When faced with social uncertainty and unrest, organizations must apply a response different from how they would typically respond to economic volatility. Your organization must have a Special Measures Policy. This policy should include your triggers and immediate responses to cushion the effects of civil unrest on your staff as you assess the movement of the labor market.

We can help your organization develop a Special Measures Policy that aligns with your objectives and fits local conditions.

Stay informed with our June Market Monitor reports.

Birches Group also offers valuable resources like the Market Monitor report. Published in English, Spanish, and French every two weeks, each edition examines the labor market conditions of over 150 countries for signs of potential volatility.

Subscribe now to access the 1 and 15 June editions of the Market Monitor, where we focus on the conflict in Sudan and the strategies you can consider as you begin developing your Special Measures Policy.

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Rescue workers in red uniforms and helmets with headlamps search through rubble at night near a Turkish flag.

Rebuilding After the Türkiye-Syria Earthquake

Written by Kai Donesa on . Posted in Uncategorized.

Birches Group reports on what is happening in labor markets that are making headlines worldwide, bringing you up to date on the news.

A massive 7.8-magnitude earthquake struck southern Türkiye and northwestern Syria in the early morning hours on 6 February 2023. The quake was followed by a series of aftershocks and a 7.5-magnitude tremblor about nine hours later. The Türkiye-Syria earthquakes occurred near the border and were felt as far away as Lebanon and Egypt.

The earthquake was Türkiye’s worst seismic event since 1939, leaving behind destruction, loss of life, and economic damage. The death toll has reached over 54,000, and around 130,000 more have been injured. Some 24 million people in both countries have been affected in an area spanning 450 km. According to the Center for Strategic and International Studies, the quake hit the heart of a border area home to millions of Syrian refugees during great uncertainty in Turkey and across the region.

Since the two earthquakes on 6 February, there have been thousands of aftershocks, causing fear among communities.

The situation in Türkiye

Turkish President Recep Tayyip Erdogan declared a state of emergency in 10 impacted provinces for up to three months a day after the disaster. The affected provinces have some of the highest poverty rates in Türkiye and host over 1.5 million Syrian refugees.

Estimates of damage

There are several estimates of the destruction caused by the 6 February Türkiye-Syria earthquakes. JPMorgan said the destruction of Türkiye’s physical infrastructure could amount to US$25 billion. Meanwhile, the World Bank estimated the damage to be around US$34.2 billion. According to the Turkish Enterprise and Business Confederation, the total cost of destruction could be as much as US$84 billion.

A long-term needs assessment by the Turkish government with support from the United Nations Development Program (UNDP), the World Bank, and the European Union counts the earthquake damages at over US$100 billion.

Reconstruction efforts

“Türkiye’s immediate and future needs are immense and span the whole range from relief to reconstruction,” said Humberto Lopez, World Bank Country Director for Türkiye.

The Turkish government has erected tent camps and container homes on the outskirts of destroyed cities to shelter the millions displaced. It has also issued rebuilding regulations to enable organizations to help in the urgent task of building new homes. In addition, the government has launched a temporary wage support scheme and banned layoffs to protect workers and businesses. These measures will remain in effect until the end of the three-month emergency rule.

Erdogan—facing an election this summer—pledged to rebuild all destroyed buildings and complete housing reconstruction within a year while preparing a program that would “make the country stand up again.” Less than three weeks after the disaster, construction for tens of thousands of housing units has begun.

But engineers and architects have noted that clearing debris would take considerable time. “It’s hard to put a timeframe on how long that would take since 10 provinces were affected, and that depends on the capabilities, organization, and coordination of the public authorities,” Eyup Muhcu, President of the Union of Chambers of Turkish Engineers and Architects, told Al-Jazeera.

A fragile economy

In addition to repairing and replacing damaged buildings and infrastructure, citizens need to be supported financially, says the Middle East Institute.

The reconstruction costs add to the woes of Turkey’s fragile economy, which has been rattled by hyperinflation and a cost-of-living crisis in recent years.

Caroline Holt, Director for Disasters, Climate, and Crises at the International Federation of Red Cross and Red Crescent Societies (IFRC), estimates that much of the recovery work in Türkiye will be done in two to three years.

But in Syria, the IFRC is looking at five to 10 years.

The situation in Syria

Although the earthquake’s epicenter was in southern Türkiye, the calamity had devastating effects across northwestern Syria. The quake hit a region shattered by more than a decade of civil war, compounding an already dangerous humanitarian crisis.

According to the UN Office for the Coordination of Humanitarian Affairs, the densely populated northwestern region is home to 4 million people who rely on humanitarian aid.

While the international community mobilizes to help Türkiye with its disaster needs, the ability to do so for Syria is much more complex. Demolished roads and tensions between rebel-held and government-controlled parts of the country slowed aid relief for Syria. In its 6 February editorial, The Guardian remarks that “supplying aid is likely to be diplomatically and logistically challenging.”

According to aid organizations, only one official border crossing from Türkiye to Syria is operational, and access has been blocked by debris from the earthquake. The first UN convoy of aid arrived after four days. “Syrians have already endured more than a decade of conflict, and they are now faced with the tragedy of this earthquake,” said Dr. Abdulkarim Ekzayez, a Syrian doctor and health system expert.

Rebuilding efforts will be even more complicated.

The road to recovery

With the rescue operations ending, attention is shifting to the millions without homes or functioning cities. The focus has turned toward shelter, reconstruction work, rehabilitation, and recovery. As of writing, authorities continue to carry out damage assessments in the worst-affected areas. Damage to economic infrastructure, including livelihoods, will also be assessed.

The task ahead is not only to reconstruct homes but also to rebuild lives. Humanitarian partners will need to:

  • Support development and reconstruction,
  • Restore livelihoods, community infrastructure, and basic social services, and
  • Transition to longer-term recovery and rebuilding.

Restoring livelihoods and reviving small businesses

Small businesses are well-positioned to support urgent needs. They can be critical to long-term recovery, including rebuilding infrastructure, getting people back to work, and ensuring communities live healthy lives.

Providing rapid access to income and restoring livelihood infrastructure are keys to jumpstarting socioeconomic recovery.

Building Markets says small and mid-sized enterprises (SMEs) face significant challenges. Nearly 17% of SMEs report being unable to continue business operations. 40 to 55% require funding for employee salaries, inventory, repairs, and new workspaces.

How Birches Group can help

Natural disasters such as the Türkiye-Syria earthquakes occur without warning, and their impact is catastrophic. They also have a devastating effect on businesses. In the wake of a calamity, organizations must take special measures to ensure the safety and well-being of their staff. Your organization’s approach should differ from how you would respond to economic volatility.

We at Birches Group can help your organization prepare for unexpected events by creating a Special Measures Policy. Natural disasters require a different response approach, and we understand the challenges such emergencies pose.

Get our March Market Monitor reports

We offer valuable resources like our Market Monitor reports, highlighting specific labor markets that need closer monitoring. Subscribe today to download our March Market Monitor reports, where we focus on Türkiye and Syria and help guide organizations in developing their Special Measures Policy.

References:

A vibrant spice market with various spices and herbs displayed in piles and containers, with people shopping and shelving in the background.

Iran’s Countrywide Protests and What They Mean for Employers

Written by Kai Donesa on . Posted in Uncategorized.

Birches Group monitors labor markets that are making headlines worldwide and wants to share news and updates on the conditions in these markets.

“Blood that is spilled unfairly will boil until the end of time,” goes an old Persian saying. For nine weeks, the streets of Iran have been shaken by protests calling for the overthrow of the religious theocracy that has ruled for over 40 years. Iran’s countrywide protests began on September 16, when 22-year-old Mahsa Amini died in police custody. Amini was detained in Tehran for allegedly not observing the country’s dress code for women and collapsed into a coma at a police station. A photo and video of Amini in the hospital were shared online and quickly went viral.

Iran has a long history of demonstrations and unrest. But the events since mid-September are different. They are led by women and young girls with no organizing force or leadership. They are spontaneous, persistent, widespread, and supported by people from different layers of society. Students and older Iranians, merchants and labor unions, and the middle and working classes have taken to university campuses and onto the streets of over 100 villages, towns, and cities across the country. Iranian expatriates have also rallied in support in Berlin, Washington DC, and Los Angeles.

And despite violent clashes with security forces, more than 14,000 arrests, and mobile and internet restrictions, dissent rages on with remarkable defiance.

The protests and the economy

The demonstrations across Iran now go far beyond Amini’s death and women’s rights. They have moved from demands for reform to demands for systemic changes, an expert told NBC News.

The protests have quickly swelled in response to the Islamic republic’s economic stagnation. The BBC says that, on average, Iranian families are “quite a lot poorer than they were 15 years ago.” Iran’s middle class has shrunk dramatically since 2018, with a third of its population falling into poverty. 23% of the youth population is unemployed, according to the Financial Times.

Additionally, Iran is facing a record inflation of 42.9%. Its currency, the Rial, has sunk to all-time lows. Since August, the Iran Rial has lost more than 20% of its value against the United States (US) dollar.

Businesses, shop owners, and bazaar traders in several cities closed their stores and went on strike, joining the protests in solidarity, Bloomberg and Iran Wire report. According to a primer from the United States Institute of Peace, factory workers in the energy and petrochemical industries also went on strike.

The Iran Chamber of Commerce warns that every hour of internet restrictions due to the protests costs US$1.5 million in damages to the Iranian economy. Research from the Tehran Computer Trade Union Organization states that 47% of internet businesses have lost more than 50% of their income. If the internet disruptions continue, 73% of businesses with less than 50 employees will lose over US$1,100 daily.

The government is considering a 20% pay raise for state workers. Still, the Rial’s sharp fall has eaten away at any benefit for workers, says London-based Iranian news website Iran International.

How we can help

Policies and procedures for keeping pay programs functioning in highly volatile markets such as Iran are critical. Organizations must develop a Special Measures Policy to determine the triggers and equivalent measures to support staff and ensure business continuity during political unrest. In addition, decide how your organization plans to implement the next steps for your staff. Employees need to know they can rely on their employer to help them during times of uncertainty.

We at Birches Group have extensive expertise in developing Special Measures Policies for organizations across different markets and sectors. Speak with our consultants today to find out how we can create one for you.

References:

A bustling market aisle filled with people browsing various spices and herbs displayed in large bins, with jars and goods lining the shelves on both sides.

Turkey’s Hyperinflation and How Employers Are Weathering the Crisis

Written by Kai Donesa on . Posted in Uncategorized.

Birches Group monitors labor markets that are making headlines around the world and wants to share news and updates on the conditions in these markets.

Turkey, a Eurasian hub of 84 million people, is weathering an unprecedented economic and monetary crisis. Inflation is a major issue, with rising prices chipping away at purchasing power every week.

The Turkish Statistical Institute reported that Turkey’s annual inflation rate reached 83.45% in September, the highest in 24 years. Independent economists from ENAGrup believe the actual figure is 186.27%.

Inflation has been soaring in Turkey for 16 months, yet Bloomberg reports that price growth in the transcontinental country has been in the double digits since early 2017.

The country has suffered debt and currency calamities in the last few years, says The Wall Street Journal, but the current crisis is different. According to a report from Capital.com, aggressive interest rate cuts, high energy and commodity prices, heavy dependence on imports, and a depreciating Turkish Lira have contributed to surging inflation rates.

A paper from the Middle East Institute states that Turks have been driven to protect their savings by changing Lira deposits into gold and foreign currencies such as the Euro and United States (US) dollar. The tendency to keep savings under the pillow is also an ongoing trend.

What the government is doing

The Turkish government has taken several measures to protect households from high inflation. These mechanisms include:

  • Protecting Lira-denominated bank deposits
  • Raising the minimum wage by 50% in January and by 30% in July
  • Giving social transfers to poor households
  • Placing a 25% cap on rent increases
  • Reducing taxes on utility bills and introducing fuel and energy subsidies
  • Slashing value-added taxes on specific goods

But the measures have had little impact on the lives of Turks.

What the employers are doing

As their purchasing power shrinks and their job security erodes, many Turks are falling out of the middle class, says The Economist.

People are getting upset as they see their living standards falling. Businesses have been affected by the Lira’s fall in value, while people’s wages have been depleted because they can now buy less with their money. The price surge has upturned household and company budgets, and many are scrambling to cut costs. Over two-thirds of Turks are struggling to pay for food and cover their rent, according to a survey by the Yoneylem Social Research Center.

As a result, workers are negotiating higher salaries, and employers are taking proactive steps. Here are a few examples of what employers in Turkey are doing in response to mounting inflation:

  • Implementing across the board salary increases of between 15% to 30%
  • Improving allowances for items such as meals and transportation
  • added cash incentives or bonuses

Beginning summer last year, Mustafa Tonguc, the chief executive of DHL Express in Turkey, compiled a list of the cost of 50 essential products and compared them with their German equivalents to persuade bosses at headquarters to raise the wages of over 1,000 staff. According to the Financial Times (FT), Tonguc would raise wages three more times in the year ahead. “We as a business can’t fix the global economy, but we can take care as much as we can of our people,” Tonguc told FT. “In the last 12 months, many companies went bankrupt. We felt people should be assured of their job security,” he added.

How we can help

Policies and procedures for keeping pay programs functioning in highly volatile countries like Turkey are vital. A Special Measures Policy should be set up to determine the triggers and equivalent measures to support staff and ensure business continuity during volatile periods. In addition, organizations must decide how they plan to implement the next steps for their staff. Employees need to know that they can rely on their employer to help them during times of crisis.

We at Birches Group have extensive expertise in developing Special Measures Policies for organizations across different markets and sectors. Speak with our consultants today to find out how we can create one for you.

References:

Vital Partners, Shared Priorities: The US Strategy Towards Sub-Saharan Africa

Written by Kai Donesa on . Posted in Uncategorized.

Birches Group monitors labor markets that are making headlines worldwide and wants to share news and updates on the current conditions in these markets.

The White House released in August 2022 the US strategy toward Sub-Saharan Africa (SSA). Its renewed policy supports four main objectives, including advancing pandemic recovery and economic opportunity.

A priority and opportunity

SSA is of growing importance on the world stage. Comprising 49 countries, the region is a geopolitical priority and an emerging economic opportunity. SSA countries hold roughly 25% of United Nations General Assembly seats. Moreover, the region is integrating into the world’s largest free trade area.

The US Department of Commerce’s International Trade Administration describes SSA as presenting real opportunity, with indicators such as:

  • A combined market population of over 1.2 billion people (that is expected to double by 2050),
  • A gross domestic product of more than US$1.5 trillion, and
  • Home to some of the fastest-growing economies in the world.

The World Bank reports that economic activity in the area is set to expand by 3.6% in 2022, 3.9% in 2023, and 4.2% in 2024. Additionally, its young population makes SSA an attractive investment destination. Massive demographic shifts in this part of the world provide tremendous opportunities to create jobs, boost incomes, and reduce poverty, especially in a global environment of slowing growth.

China and its growing influence in the region

The world is well aware of Africa’s importance, encouraging countries to expand their political, economic, and security engagement with African states. In the past 20 years, new actors, such as China, have been shifting dynamics across SSA. And Chinese influence in the region is real and significant.

In 2001, China received less than 3% of the region’s exports, compared to nearly 19% for the US. In 2009, China overtook the US as SSA’s largest trading partner. Almost 20 years later, China has emerged as the region’s single greatest export partner, holding an 11% share of exports in 2019, while the US share dropped to 5%. China’s Belt and Road Initiative has invested in SSA through transportation, power, water supply, and other infrastructure projects. China has also provided loans, investments, and aid.

The US reframes its Sub-Saharan Africa partnership

The US is responding to growing foreign activity and influence in SSA and is engaging a region undergoing significant transformation. “It would be a strategic mistake for the US to abandon its engagement with SSA altogether—especially as US adversaries and competitors are relentlessly increasing their investment in the region…” said Daniel Runde, Director of the Project on Prosperity and Development, and Sundar Ramanujam, Research Associate of the Project on Prosperity and Development at the Center for Strategic & International Studies (CSIS).

Biden’s policy differs from those of previous administrations because it focuses on overhauling its relationship with SSA from donor-recipient to genuine partnership. “Biden’s team extols Africa’s strengths and is proposing US-Africa partnerships on a range of issues,” said Mark Bellamy, Senior Advisor of the Africa Program at CSIS.

Further, Devex reports that the strategy has generally been well-received and is seen as sending a strong message about US engagement in the region. “It’s a strategy that reflects the region’s complexity—its diversity, its power, and its influence—and one that focuses on what we will do with African nations and peoples, not for African nations and peoples,” said US Secretary of State Antony Blinken as he announced the strategy.

It’s also an effort to make regional engagement authentic and not just a battleground to compete with China and Russia. “Too often, African nations have been treated as instruments of other nations’ progress rather than the authors of their own,” added Blinken in his announcement.

Why this matters to employers

With the intent of the US to reestablish ties and reinvest in SSA, employers with a presence in the region can anticipate a significant shift in the labor market in years to come. Monitoring the labor market as early as possible is critical for your organization to seize economic opportunities and remain competitive. Keeping an eye on market shifts enables your organization to plan and make informed decisions about hiring, pay management, employee benefits, and more.

How we can help

We at Birches Group survey leading employers in over 150 countries with a consistent methodology designed for dynamic, emerging markets across SSA. We survey labor markets of varying sizes, focusing on employers that set trends. Get updated and relevant data on every country in SSA. Speak with our consultants today to understand our data and how you can use it for your organization.

References:

Monitor The Labor Market

5 REASONS WHY ORGANIZATIONS SHOULD MONITOR THE LABOR MARKET

Written by Kai Donesa on . Posted in Resources.

The labor market is constantly changing and evolving. It changes to reflect demands and pressures from different sectors, industries, and locations. New jobs emerge, old ones disappear, and wages fluctuate—sometimes due to external forces and local or regional economic factors. Organizations must stay on top of trends and monitor the labor market to remain competitive. Those that don’t keep up risk being left behind and failing to meet the needs of their people.  

One way for organizations to stay ahead is to monitor the labor market. Doing so helps human resources (HR) teams understand how their organization is affected by market movement. Reviewing and interpreting labor market data allows HR teams to address critical questions such as: 

  • How can we determine how much the market pays for similar roles? 
  • How can we competitively position ourselves against our target peers? 
  • How can we become an employer of choice in the local labor market? 

Keeping an eye on the labor market enables organizations to make informed decisions about hiring, pay management, employee benefits, retention strategies, and more.  

This blog post will explore why organizations should track the labor market and how to do so effectively. When the organization knows what is coming, it can plan and ensure it is well-positioned when the opportunity to grow strikes. 

Establishing market composition and position 

Using labor market data can help organizations clearly and consistently establish their competitive strategy, notably their: 

  • Target composition, or which group of employers are similar and more relevant to the organization. Consider organizations from the same sector, employers you lose your staff to, and organizations you often hire staff from.  
  • Target position, or how competitive an organization wants to be. Identify the ideal percentile (e.g., 50th, 75th) of the labor market the organization wishes to attract.  

Determining its target composition and position enables an organization to understand where it stands against key employers in the market. It also guides the organization on what it needs to do to lag, match, or stay ahead of relevant comparators. Organizations must consider their compensation policies and budget to establish their target composition and position. 

Setting benefits 

Labor market data also gives up-to-date insights into benefits widely provided in each country. In addition to salaries, benefits come in the form of cash (allowances and bonuses), in-kind benefits (company bus, gift baskets, company products, etc.), and non-salary benefits (retirement plans, healthcare coverage, family benefits, and leave provisions). 

As the organization reviews compensation and benefits surveys, it can easily identify mandatory, cultural, and market practice benefits, as well as benefits that address local hardships. And while salaries often attract key talent to an organization, benefits make up a significant part of the compensation package in developing markets. By providing the proper compensation and benefits, the organization can remain competitive and retain talent.  

Identifying HR gaps and making the necessary adjustments 

Identifying the gaps in HR practices is another way organizations can benefit from monitoring labor market information. Some of the few questions that organizations will want to address are: 

  • Do our hiring rates remain competitive? 
  • Are we able to retain the talent we need? 
  • Are our employee benefits competitive in the market? 

When the organization encounters talent management issues—such as challenges in attracting the right talent or holding on to staff—it may be time to make adjustments to the compensation package. 

If the organization is looking for data scientists—but hasn’t found suitable candidates—it may be time to rethink the starting salaries to ensure they are comparable to other organizations hiring for a similar job. Or perhaps the organization starts to lose staff after some time. It may need to reassess policies on pay movement, benefits packages, or career advancement to entice staff to stay longer.  

Understanding the impact of the data

Organizations need to go beyond the labor market data. They must understand how changing HR policies and practices in reaction to emerging trends, shifts, and volatility affects staff. So, the question that needs to be addressed is: Do the organization’s policies and initiatives reflect labor market changes and demands? 

A recent example would be the shift from working at a traditional office to working remotely or in a hybrid format. After years of being accustomed to working from home (in response to the COVID-19 pandemic), employees now expect flexible work arrangements—so much that they are willing to leave the organization if it does not offer the option. 

Another example is managing dispersed teams. With many employees now preferring to relocate to places that are sometimes far from the office, how will adjustments to compensation and benefits affect staff based in different areas? Should organizations still base salaries on city rates or adjust them based on where the staff chooses to relocate?

Thus, organizations need to use labor market data and its implications to help inform their policies. Other key questions that organizations need to answer when looking at labor market data include: 

  • Is our compensation program reaching the talent we need? 
  • How can we maintain our relevance in the labor market? 
  • Are there opportunities for improvement? 
  • Will changing our policies and practices help or hurt us? 
  • What are the implications of these changes on staff? 

Managing compensation even through uncertainty 

Now more than ever, organizations need to closely monitor the market. With inflation rising in countries across the globe, employees need to know that their employer has a plan to help them get through turbulent times.  

Organizations can best manage economic turmoil by monitoring the labor market coupled with a special measures policy. When volatility happens, chances are employees are going to ask HR how the organization will help their families manage their day-to-day expenses. When market conditions warrant adjustments to compensation, this is easily defensible when you have the market data to support it.   

When unpredictable events such as economic volatility, natural calamities, armed conflict, and periods of unrest affect the regular dynamics of the labor market, organizations must keep participating and monitoring labor market movement. By doing so, the organization can determine proper triggers, based on data, that would justify changes to compensation and benefits, as well as the frequency to which adjustments are made.  

Bottom line: Know where you stand 

The labor market continues to shift. It may be difficult for organizations to keep up as the market relies on changes from other sectors of the economy and events from around the world. As such, it is critical to keep track of the ever-changing landscape. This ensures that organizations adapt and adjust policies and measures to meet new demands, positioning themselves for success.  

To do this, organizations need up-to-date data about the labor market to know what conditions are like in their area. Tracking the labor market through salary surveys can offer helpful insight into emerging trends that could impact the organization. Monitoring will help employers understand current conditions to make informed decisions about jobs, the market, and skills and performance. In the end, keeping one’s eyes on the labor market helps organizations stay competitive.  

Does your organization need labor market data, especially on developing markets? We at Birches Group offer the most comprehensive salary survey coverage, with data on over 150 countries. We survey markets of varying sizes and focus on leading employers that set trends. Get in touch with our consultants to get started. 

Carla is a part-time copywriter in our marketing team in Manila. Before shifting to freelance writing in 2020, she worked as a marketing and communications specialist at the offices of EY and Grant Thornton. She has written about HR and career development for Kalibrr. 

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