News

Pay awards and forecasts

By Adam Turner
01 Sep 2016
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July was a great month for settlement increases, according to Croner’s Reward team. Excluding pay freezes, settlement in the last four months is the highest it has been since April.

If you include pay freezes, then the settlement for the year is the highest it has been since March and increased by 0.1% in the last four months.

Average settlements and forecast figures excluding a pay freeze

(this represents the averages for those companies that have given a pay award rather than a freeze):

  Settlements Forecasts
  August 2015 – July 2016 Average August 2016 – July 2017 Average
ALL 2.2% 2.4%
Management 2.3% 2.4%

  As you can see the average settlement for the year stands at 2.2%, the same as the previous four months. While the average forecast for the next 12 months is 2.4%, the same as it has been all year. Average settlements and forecast figures including a pay freeze:

  Settlements Forecasts
  August 2015 – July 2016 Average August 2016 – July 2017 Average
ALL 2.1% 2.3%
Management 2.1% 2.3%

  The average settlement for the year stands at 2.1%, 0.1% higher than in the last three months. However the average forecast for the coming year is 2.3%, 0.1% less than last month.

About the Author

Adam has been with Croner Reward for 3 years. He has over 15 years’ experience working with various organisations and sectors. He has a strong passion, breadth and depth for job evaluation and salary benchmarking. He has a strong customer focused work ethic, ensuring clients always get the best possible outcome for their organisations from their Reward Projects.

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