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Pay growth and employment climb in Q1

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Pay growth and employment climb in Q1

Pay growth hit 6.7% in the first three months of the year, according to the Office for National Statistics (ONS), while pay growth in the public sector came in at 5.6% – the highest rate since 2003. However, when price rises are taken into account, total pay – including bonuses – was down 4% annually in real terms. The ONS report shows that the employment rate edged up to 75.9% between January and March, driven by an increase in part-time employees and self-employed workers, while the unemployment rate rose slightly to 3.9%. Vacancies fell by 55,000 in the three-month period, while PAYE numbers were down for the first time for two years in February, by 136,000 to 29.8m. Meanwhile, There were 556,000 working days lost because of labour disputes in March. The ONS data also shows that the number of people not working due to long-term sickness has risen to a new record of 2.5m

 

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Our comment: Pay growth and employment climb in Q1

Matthew Pinto-Chilcott, FCIPD, ACEL, Owner of Consensus HR comments: “This is an interesting insight into pay within the UK during the first Quarter for 2023.  The past three years with the Pandemic and high inflation has been very difficult for businesses when it comes to pay and can only advise business owners / managers to ensure that pay reviews are managed and implemented correctly with the team so that no adverse effects happen such as poor motivation and moral / customer service.  The team should always know how the business is doing financially and be rewarded appropriately and it should never be a shock if a pay rise does not occur.

 

If you wish to discuss how you can involve the team in structured business consultations such as pay, development, rewards etc, contact us now for a non obligatory chat.”

 

Pay growth and employment climb in Q1

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Pay growth and employment climb in Q1

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Demand for skilled workers to push up salaries

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Demand for skilled workers to push up salaries

Matthew Pinto-Chilcott of Consensus HR comments: “With the current strikes taking place, when writing this blog, is it hardly surprising that Demand for skilled workers to push up salaries ?  This latest article from The Times discusses that it is predicted that private sector employers will get a 5% increase in 2023, compared to the public section getting 2%.  Has your business started to look at what your pay review for the year and what you can afford?  Has your business carried out any salary reviews within your area of business to see what the current rate of pay is?  Whether this be high, median or low in relation to your competitors?  In order to keep top talent, pay is one of the main drivers along with all the other areas of HR such as training and develoment, reward, culture etc.”

NEWS ARTICLE:- Demand for skilled workers to push up salaries

Demand for skilled workers is likely to push up salaries this year. A poll from the Chartered Institute of Personnel and Development (CIPD) shows that more than half of British businesses expect to increase salaries to “stay competitive.” The CIPD’s quarterly employment report shows that, on average, employers expect pay to increase by 5% in 2023. While it is predicted that private sector workers will get a 5% rise, public sector workers are expected to receive an increase of 2%. Although seven in ten firms want to hire new staff in the next three months, almost 60% said the workers they were looking for are proving hard to find. To address this, half of businesses have sought to improve the skills of existing staff, while a third have chosen to increase employees’ duties. Some 43% have increased the pay they are offering to lure applicants. Jon Boys, the institute’s senior labour economist, said: “Skills and labour remain scarce in the face of a labour market that continues to be surprisingly buoyant, given the economic backdrop of rising inflation and the associated cost of living crisis.”

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Demand for skilled workers to push up salaries

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Wages have grown at the fastest rate in more than 20 years

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Wages have grown at the fastest rate in more than 20 years

Matthew, Owner of Consensus HR comments: “With the war in Ukraine, Inflation at an all-time high and the Pandemic, it is great to see that business are ensuring that wages are increasing at their fastest rate in more than 20 years.  Salary reviews should take place at least once a year with your teams with them knowing that a salary review does not necessarily mean a pay increase but the opportunity to discuss your current salary and why / why not you should receive an increase.”

NEWS ARTICLE : Wages have grown at the fastest rate in more than 20 years

Wages have grown at the fastest rate in more than 20 years, but are still failing to keep up with rising prices.

Average pay, including and excluding bonuses, rose by 6.4% between September and November compared to the same time last year, official figures show.

It is the fastest growth since 2001, excluding the pandemic, when people got big pay rises after returning to work.

When adjusted for rising prices, wages fell 2.6%, with the gap between public and private sector pay near a record.

BBC

Wages have grown at the fastest rate in more than 20 years

Payroll

We offer HR & Payroll that provides clients with a comprehensive yet flexible outsourced HR & payroll service tailored to each of your specific requirements. We pride ourselves on delivering an efficient, friendly and affordable service and fully understand the needs of sole traders as well as small and medium sized companies. We help you with the complexities of managing people, whilst preventing people problems. Why give yourself unnecessary worry and stress when we can look after your HR & payroll for you? By outsourcing your HR & payroll to Consensus HR you can concentrate on running your company and be confident that your company’s & employees HR & Payroll is being managed efficiently and compliant with current legislation.

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