New quarterly UK salary tracker from Hay Group
Hay Group has launched a new quarterly salary tracker designed to look at how employees' pay compares with a range of economic indicators. It's based on data from the Hay Group PayNet UK database, which includes reward information for more than one million employees across all industries.
The first edition of the tracker compares salary changes to inflation (RPI and CPI) and interest rates, and looks at how total salary and bonuses have fluctuated over a decade.
It states: “The PayNet UK Salary Tracker shows that we have entered a new phase for pay in the UK, unprecedented in recent times. Pay in real terms is now decreasing and the reality is that this trend is likely to remain in place for the foreseeable future. The marked increases in both RPI and more notably CPI in the last 12 months have eclipsed the cautious progress in salary inflation driven primarily by the private sector recovery, to the point where there is a genuine concern that a wage/price spiral could become a reality further driving up inflation in the UK.”
Hay Group data forecasts that 2011 salary increases will increase on average by 2.5%, “driven primarily by cautious private sector recovery as the picture in the public sector is clearly very different”.
Want to know more?
To view the interactive PayNet UK Salary Tracker for graphs showing how salary has tracked against key economic indicators such as CPI, RPI and Bank of England interest rates visit www.haygroup.com/uk/services/index.aspx?id=29836.
For more details about the March 2011 edition of PayNet UK Salary Tracker visit www.haygroup.com/uk/Press/Details.aspx?ID=29861.
You can contact the Hay Group in London on tel: 0207 856 7200 or email: GB_reward_information@haygroup.com.
“Hay Group is a global management consulting firm that works with leaders to transform strategy into reality. We develop talent, organise people to be more effective and motivate them to perform at their best.” To find out more visit www.haygroup.com/uk.