As we enter the busiest time of year for pay awards, we report on the pay settlement landscape so far in 2024 and examine the first April deals coming into effect.
With inflation falling, will pay awards maintain the 32-year high we recorded in 2023? We explore pay forecasts data to provide insight into where pay awards are expected to be for 2024 and the factors that are likely to have an effect on these decisions.
With the first settlements of 2024 having come into effect, we are beginning to see how organisations are responding following the 2023 unprecedented pay award levels.
In what has been an unprecedented year for settlements, pay awards have not slowed down. For the eighth time in 2023, the median pay settlement value hits 6% and since autumn, public-sector deals have continued to surpass the private sector.
As the year draws to a close, so does pay settlement activity. The median basic pay award in the three months to the end of October edges back up to 6%, driven by public-sector pay deals.
Following a year where pay settlements reached the highest value in over 30 years, preliminary forecast data from XpertHR explores the shift in pay awards expected in the coming 12 months.
New analysis by XpertHR has found that public-sector pay deals stand at the highest they have been in over 30 years, following a period of high inflation and pressure from trade unions.