Pay awards on the increase

Pay awards continued to climb during November with a median across-the-board increase of 5% in the three months to the end of November which is the highest reported level for 31 years.  However, as inflation continues to grow, most employees suffered a real-terms pay cut as the consumer prices index (CPI) inflation in November was 10.7% while the retail price index (RPI) was 14%.

There remained a wide spectrum of deals (mostly in the public sector), with those at the bottom end seeing employees receive a 2% pay rise and the largest increase being 10.1%.

Private sector pay has continued to accelerate at a faster rate than public sector wages. The private sector median rose to 4% compared to 2% for the 12 months to the end of November 2022, while the public sector median was 3.8%, up from 1.4% in 2021.

During 2022, 121 HR Solutions conducted a number salary exercises which can be useful to determine if salaries are sufficiently competitive to retain and attract employees.

Contact enquiries@121hrsolutions.co.uk for more information.

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