Latest IRS analysis of retail sector reward trends (subscription required), published to XpertHR today, finds retail pay settlements holding firm despite deteriorating trading conditions.
The median retail pay award is 3% for the year to 31 May 2008, unchanged from 2007 (subscription required).
However, the retail median is below both the IRS whole economy median and RPI inflation (subscription required for each) for the same period (3.3% and 4.3%, respectively).
Indeed, RPI will be crucial in determining whether retail pay settlements maintain their current stability over the coming year. According to an Usdaw spokesperson interviewed by IRS:
The problem will be if inflation doesn't fall back. In 12 months time, if inflation has not come down, it may be a whole different ball game.
See our latest inflation forecasts (subscription required), also published today, for more on the future course of RPI. Next official figures on RPI - covering the year to August 2008 - will be published to XpertHR's economic indicators pages (subscription required) on Tuesday 16 September 2008.
- If you are actively involved in your organisation's pay-setting process, we would like to invite you to take part in the 20th annual IRS Pay and Benefits Bulletin Pay Prospects survey of UK private sector reward practices. Each year, this major study looks in detail at how private sector employers set their annual pay review and reward priorities for the coming year. Taking part in our research allows you to compare your expected pay award and reward practices with those of other organisations. The closing date is Thursday 18 September 2008.
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