Brits In Line For Pay Hike

Half of UK businesses plan to award staff pay rises this year, according to British Chambers of Commerce...

British Chambers of Commerce, in conjunction with the job board Indeed, spoke to businesses small and large, across sectors, and discovered the following:

• 6% will increase pay by more than 5%
• 32% will increase pay by more than 2-5%
• 12% will increase pay in line with consumer price inflation
• 18% will increase pay by 1-2%

This is extremely encouraging for workers, especially in the current climate of economic uncertainty. In fact, just 2% of companies plan to lower staff salaries this year, which speaks to a real appreciation of the true value of skills and experience on the part of employers.

Jane Gratton, Head of Business Environment and Skills Policy at British Chambers of Commerce said: “This is good news for employees who have felt the squeeze in their pay packets in recent months. People and skills are the most important asset for businesses, and so employers will want to pay a great wage that motivates and retains their team.”

In discussions with clients, we at FRS have observed an increased awareness of the necessity to pay top dollar for top candidates, as Operations Director Adam Bonner explains:

“Employers are growing ever more conscious of the importance of recruiting and retaining the very best people. This has been brought into sharp focus by the record levels of employment and the skills gaps that exist across a multitude of industries.”