Pay Forecasts and Reward Priorities for 2024

The XpertHR benchmarking survey of private-sector pay forecasts for 2024. This survey looks at influences on pay planning and provides pay award forecasts for the year to 31 August 2024, covering 283 employee groups across 201 organisations.

Survey questions

How will the 2023/2024 pay award compare with that awarded to the same employees in the 2022/2023 wage round?
What is the expected outcome of the next pay review (over the year to 31 August 2024)?
What is the expected value of the next pay review (over the year to 31 August 2024)?
What factors are likely to exert upward pressure on your organisation's 2023/2024 pay award?
What factors are likely to exert downward pressure on your organisation's 2023/2024 pay award?
Which measures of inflation does your organisation typically refer to when setting pay awards?
In which month does your organisation typically set its budget for the next pay review?
Is your organisation considering any future measures to support employees with the cost of living?
Does your organisation have, or is it planning to introduce, a total reward statement?
Which reward elements does your organisation's total reward statement include?

Additional information

Date:: 15 September 2023
Source:: Brightmine Surveys
Participants:: 201

Survey analysis

Forecasts for pay awards in 2023/2024

Benchmarking - HR Metrics

Pay Forecasts and Reward Priorities for 2024

Survey questions

Additional information

Survey analysis