Pay and benefits
With the first settlements of 2024 having come into effect, we are beginning to see how organisations are responding following the 2023 unprecedented pay award levels.
As 2024 dawns, we round-up all 2023 pay settlements and set the scene for the year ahead with a look at the first deals recorded.
In what has been an unprecedented year for settlements, pay awards have not slowed down. For the eighth time in 2023, the median pay settlement value hits 6% and since autumn, public-sector deals have continued to surpass the private sector.
As the year draws to a close, so does pay settlement activity. The median basic pay award in the three months to the end of October edges back up to 6%, driven by public-sector pay deals.
Following a year where pay settlements reached the highest value in over 30 years, preliminary forecast data from XpertHR explores the shift in pay awards expected in the coming 12 months.
New analysis by XpertHR has found that public-sector pay deals stand at the highest they have been in over 30 years, following a period of high inflation and pressure from trade unions.
With sticky inflation, economic uncertainty and fierce competition for talent, there is great pressure on organisations and their reward strategies. Our latest survey looks at how employers are planning to compensate their workforce over the coming year, their priorities and key challenges.
Pay awards across the manufacturing-and-production sector remained in line with the whole economy, but some industries have seen higher settlements than others.
Pay awards for private-sector-services organisations are consistent with the whole economy, standing high after an unprecedented year of record pay settlements.
The public-sector organisations that have implemented pay awards over the past year have typically done so at a level above that paid a year earlier and often in favour of lower-paid staff. We look at the detail, including key settlements in the sector.
Survey analysis: HR and legal information and guidance relating to pay and benefits.
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© 2024 LexisNexis Risk Solutions.