Despite the ongoing economic challenges, the UK has seen diverse salary and wage growth across various sectors in the past year. With the CIPD projecting an average salary increase of 4% for 2024, the landscape remains promising yet varied.
We are excited to share the latest market insights in our UK Salary & Wage Trends Report.
Key Highlights:
– The National Living Wage has increased by 9.8%, now at £11.44 per hour, empowering workers amidst high inflation.
– Sectors including Manufacturing and Finance lead with the highest annual growth rates in regular pay, at 6.9% and 6.8% respectively.
– Despite these rises, real wage growth remains moderate, highlighting the ongoing challenges of matching pay increases with inflation rates.
Maintaining competitive pay rates is crucial for attracting and retaining talent in a tight job market. Strategic adjustments are necessary to ensure business sustainability and employee satisfaction.
For a detailed analysis of how your sector is performing and what to expect next, check out the full report.
