With sticky inflation, economic uncertainty and fierce competition for talent, there is great pressure on organisations and their reward strategies. Our latest survey looks at how employers are planning to compensate their workforce over the coming year, their priorities and key challenges.
Pay awards across the manufacturing-and-production sector remained in line with the whole economy, but some industries have seen higher settlements than others.
Pay awards for private-sector-services organisations are consistent with the whole economy, standing high after an unprecedented year of record pay settlements.
The public-sector organisations that have implemented pay awards over the past year have typically done so at a level above that paid a year earlier and often in favour of lower-paid staff. We look at the detail, including key settlements in the sector.
The latest XpertHR analysis of pay awards again shows a slowdown in growth overall, although public-sector pay deals are starting to come in at record levels.
With pay awards reaching the highest levels of the last 30 years, we review the trends in both basic pay awards and those based on a measure of performance.
At the halfway point in the year, pay awards remain high but continue to lag behind inflation, implying many employees are still facing a real-terms cut.