Pay is set to rise by an average of 4-5% according to recent surveys and reports in the press. The decline in salary budgets suggests a shift in the economic landscape, with employers adjusting their financial plans in response to various factors influencing the job market and overall economic conditions. Pay in the public sector has risen at an even lower rate, with the median pay rise sitting at 3% according to recent figures published by the Chartered Institute of Personnel and Development. With inflation slowly coming down employers still must balance the pressure on pay budgets with sufficiently competitive pay to secure employees in a tight labour market.
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