Today sees many parts of the UK waking up to a return of heavy snow (external website). The outlook for pay awards across the whole economy is similarly wintry this morning, with pay freezes reasserting themselves as the median pay award. The headline pay award has collapsed back to its all-time low of nil (subscription required) over the three months to 31 January 2010, according to latest data from IRS for XpertHR.
- This sharp fall in the headline pay award back to zero follows a brief run at 1.2% over the preceding three rolling quarters.
- Nearly half of pay awards (48%) resulted in a pay freeze.
- The interquartile range for pay awards narrowed, to stand between nil and 1.6%.
- Three-quarters (73%) of pay deals were worth less than a year ago.
IRS pay specialist Adam Geldman comments: "Pay settlement levels have slackened markedly as we enter one of the busiest periods of the bargaining year."
- Has your organisation recently carried out an annual pay review? If so, and if it has now been settled, please get in touch so that we can add your organisation's pay award to the IRS database.
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