- The percentage of companies reporting a pay freeze for the last year has reached the lowest on record at 12.1%.
- Latest figures reveal a significant decrease of 10.1% compared with the highest figure recorded over the last few years.
Despite the stream of negative reports surrounding the economy and Brexit, Croner Reward have found that the number of companies reporting a pay freeze is in fact at an all-time low.
Figures from their comprehensive pay database, reveal that the percentage of companies reporting a pay freeze between December 2015 and November 2016 has fallen to 12.1%, which is the lowest percentage on record over the last few years.
Even the previous lowest figure on file, which was reported in March 2015, is a staggering 2.8% more than the latest percentage to be revealed, which signals a positive outlook going into the New Year for the economy and employers.
The highest percentage of companies reporting a pay freeze came in March 2014 at 22.2%. During the whole of 2014, the average percentage for a company reporting a pay freeze was 20.1%, reflecting a relatively negative outlook for the period.
Clare Parkinson, Pay and Reward Expert at Croner Reward, says, “This steep decrease of companies reporting a pay freeze over the last year is extremely positive for employers.
“The fact that less companies are feeling the need to implement a pay freeze shows that the jobs market and economy may be bouncing back after a tough hangover left by the recession years ago.
“Job, pay and economic prospects are particularly positive based on the latest report, and the figures are extremely timely as we can begin the New Year on a positive note. We can only hope that the percentages continue in this trend regarding pay.”