Outcomes from the CIPD’s Labour Market Outlook Report.
The Chartered Institute of Personnel and Development (CIPD) recently published their Labour Market Outlook report, which gives a snapshot of the UK labour market.
One key point of this report is around the basic pay increase, which has seen a decrease in the Winter 2023/24 quarter, following years of increases due to COVID-19 and the cost of living crisis.
In particular, the median expected basic pay increase has fallen from 5% to 4% in the private sector and is down to 3% in the public sector.
Employers’ basic pay increases are expected to reduce even further and/or freeze.
However, 17% of employers surveyed still intend to reach a basic pay increase of at least 6%.
As such, for employers struggling to meet the higher end of the expected basic pay increases, you may need to consider other ways to support your employees, whether this is through flexible/remote working opportunities, training and/or providing clearer career advancement opportunities.
You can read a summary of the report findings here Labour Market Outlook.
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