07 Mar 2016
Managers in the automotive industry have overtaken those in the financial services sector to resume their reign as the highest paid managers in the UK (earning on average £46,019), according to new research by pay and benefits specialists, Croner Reward. Last year was the only time in six years that financial services managers managed to beat automotive industry managers into the top spot. Furthermore, pay in the West Midlands has sped up massively from being the lowest average in 2015 (£35,676) to the highest mover in 2016 (5.1% above the national average), with average pay clocking in at £40,345. This is a significant find considering that the overall median basic pay increase for UK managers was 1.8%; itself a surprise as the Consumer Price Index was +0.1% in November 2015. Junior Managers fared the best with the highest increase of 3.6%. Viv Copeland, Head of Croner Reward, says: “Champagne must be flowing for managers in the automotive industry, as they return to the number one spot on the podium. That being said, our research has shown that – for the past six years – average pay for managers in this industry has been over £40,000. On the opposite end of the grid are managers in the Miscellaneous Metal Goods industry, who in January 2016 were typically receiving £28,225 basic pay (£128 less than they received last year). ” “Overall median basic pay is suffering as a result of a fall in the Consumer Prices Index, which has reduced by 0.4% this year. It will be interesting to see, if this improves, how sector pay will differ and if the financial services sector will be able to overtake the automotive sector again next year.” Croner Reward publishes annual management salary surveys to give organisations excellent visibility of pay for workers at this level of the business. To order a copy of the report call 01785 813566.
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