- The number of companies reporting a pay freeze in December has beaten the all-time low on record.
- Year’s average figures show 2016 as a great year for the pay scene.
Last month, Croner Reward revealed that the number of companies reporting a freeze in pay in November 2016 had hit an ‘all-time low’ at 12.1%.
However, after analysing their most recent figures for December, it has been revealed that the percentage has dropped a further 0.2%.
This means that the number of companies reporting a pay freeze in December 2016 was 11.9%, marking a very positive end of the year for pay and reward.
Clare Parkinson, Croner Reward Business Manager, comments: “The new figure for companies reporting a pay freeze is the lowest that we have ever had.
“We have recorded pay details since 1997, and pay freeze percentages since 2011, so we are very pleased to report that we’ve found the lowest percentage in over five years.
“The figure contributes to a positive year for pay overall. If we compare the figures from 2015 to 2016, there are obvious movements in the right direction.
“Most notably though, the average percentage of companies reporting a pay freeze for the year has decreased by 1.8%, which is fantastic news particularly for employees who have been struggling to cope with cost of living increases.
“What this effectively means is that nearly 85% of companies we research on a regular basis are not freezing staff pay, which signifies a greater chance of them awarding pay increases.
“All of these positive changes illustrate a healthier year for employers.”