January Pay Freeze Beats 2016 Average

blog-publish-date

01 Mar 2017

blog-read-duration

  • Number of companies reporting a pay freeze significantly beats previous record by a staggering 4.3%.
  • First pay freeze percentage of 2017 beats 2016’s average by more than 10%.
Showing no signs of breaking the positive trend, the latest pay figures by Croner Reward show another record-breaking percentage of companies reporting a pay freeze. This is the third consecutive month where the percentage of companies Croner pay experts have surveyed has beaten the previous month’s record. October 2016 saw a steady percentage of 15.1%, with November starting a trend of descent at 12.1%. The end of the year featured an encouraging all-time low, with December’s figure decreasing to just 9% of all companies questioned reporting a pay freeze. January’s 4.7% figure illustrates an extremely positive and promising year ahead for pay in 2017, which Clare Parkinson, Croner Reward Business Manager, hopes will remain true over the next 12 months. “Each month we are reporting ‘record’ and ‘all-time low’ percentages for companies’ pay freeze reports, and each month we seem to be eating our own words with a new record figure to announce,” she says. “The average percentage of companies reporting a pay freeze overall in 2016 was 15.1%, which January’s figure has beaten by over 10% already. “If we flip the report, this effectively means that around 95% of the companies Croner Reward are speaking with are not operating a pay freeze, presenting the very real possibility of more and more pay rises for employees. “The ongoing trend of positivity for pay is difficult to ignore, and could allow us to start believing that the economy is slowly bouncing back and becoming more stable, after what could be described as a particularly turbulent few years. “As well as collating the generic figures across a spectrum of industries, we’re also observing the trends in specific industries too. For example, within the voluntary/charity sector, we have seen no movement in the average settlement of 1.8% for the year; but a slight increase of 0.1% in the average forecast for the year ahead”. If you would like figures for the public services, construction industry, engineering, financial services, digital/IT, manufacturing, service, transport or commercial sectors, please contact Croner Reward.

Free to Download Employer Resources

  • Sample Mental Health Policy

    FREE DOWNLOAD

    Sample Mental Health Policy

    Read more
  • Disciplinary Letter Template

    FREE DOWNLOAD

    Disciplinary Letter Template

    Read more
  • H&S Risks of Sleep in Shifts

    FREE DOWNLOAD

    H&S Risks of Sleep in Shifts

    Read more
  • What are Protected Characteristics?

    BLOG

    What are Protected Characteristics?

    There have been various legislations in the UK protecting individuals from discr...

    Read more
  • Cricket World Cup: Dealing with Sporting Events in the Workplace

    BLOG

    Cricket World Cup: Dealing with Sport...

    The 2019 Cricket World Cup will run from 30th May through to 14th July. Matches ...

    Read more
  • What are the benefits of benchmarking?

    BLOG

    What are the benefits of benchmarking...

    Salary benchmarking is no doubt a term you’ve come across, especially if you wor...

    Read more
  • Numark

    CASE STUDY

    Numark

    Numark serve as a virtual head office for independent pharmacies on the high str...

    Read more
  • Gilmour Quinn

    CASE STUDY

    Gilmour Quinn

    Gilmour Quinn Financial Planning Ltd is, as the name suggests, a small financial...

    Read more
  • Wardman Brown

    CASE STUDY

    Wardman Brown

    "I would say it has has a noticeable impact, in particular it has improved the H

    Read more

Ready to focus on what you do best?

Get your free consultation and speak to an expert today.