REWARD AND HR SALARIES
HR professionals earning more, but paying the price by working longer hours
HR professionals are earning higher salaries and working longer hours, according to the latest annual survey by Croner Reward and Chartered Institute of Personnel and Development. Despite the economic slowdown, salaries in the HR profession increased by an average 3.25% in 2008.
%ADVERT%
There is a marked difference between the sectors:
private sector workers have experienced the highest increase with an average 4% rise
the figure for the voluntary sector is 3.25%
public sector HR workers recorded the lowest rise at 3%.
Other key survey results
Bonuses held up well this year - HR professionals received bonuses averaging 6.5% of their base salaries, compared with 6% in the 2007 survey.
HR professionals work longer hours than ever – 73% of the respondents work 40 hours a week or more, compared to 62% in 2007.
A final word
“Despite the credit crunch and a slowdown in the economy, pay awards for HR professionals are higher in the 2008 survey than in 2007. The fact that HR rewards have held up so well indicates the important role that many in our profession exercise in creating and sustaining a high performance culture. However, despite these increases, HR pay has still not kept pace with inflation. Looking forward, respondents predict that their next year’s pay increase will be lower than the one they received this year, reflecting the current economic gloom.” - Charles Cotton, reward advisor at the CIPD.
Want to know more?
Title: The Personnel Rewards Survey, Croner Reward in association with the Chartered Institute of Personnel and Development.
Survey sample: The survey was carried out in June and July 2008. The data is based on 5,712 jobs from 1,400 employers.
Availability: The price of the report is £350 CIPD members (£430 full price). To order a copy of the survey call Croner Reward on tel: 01785 813566, email: enquiries@croner-reward.co.uk.
The Chartered Institute of Personnel and Development (CIPD) has more than 130,000 members and is the “leading professional institute for those involved in the management and development of people”. For more details visit www.cipd.co.uk.
Croner Reward publishes 60 pay and benefits surveys a year across a range of sectors, regions and professions. Visit www.croner-reward.co.uk.