- 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.