Pay awards to trend down but range will persist | press mention

IDR's recent poll of employers’ pay intentions was referenced in the Financial Times in December 2023. Our study found that two-thirds of employers anticipate awarding lower increases to staff in 2024 compared with 2023. Meanwhile, 27% said that the level of pay rise in 2024 is likely to be the same as the level of increase awarded in 2023 and just 7% of employers in the sample expect that pay awards in 2024 will be higher when compared to this year’s outcomes.

The Financial Times states, ‘the surveys are important because official pay data has been unusually volatile in recent months, and alternatives, such as the Recruitment & Employment Confederation’s monthly survey, reflect the salaries offered to new hires rather than basic pay awards for people staying in their jobs.’