After a year of unprecedented pay settlement levels, and increasing pressure from inflation and the cost of living, it’s essential your organisation’s 2024 rewards strategy is grounded in the latest market data. Cendex is here to provide you with the latest pay awards forecasts for 2024, from XpertHR’s comprehensive survey.
For the 12 months to the end of September 2023, pay settlements experienced a significant increase. The median pay award reached an impressive 6%, compared to 4% during the same period the previous year. This upward trend emphasises the growing importance of competitive compensation packages in effectively rewarding and motivating employees.
Download the 2024 Pay Forecast & Priorities Report to access key findings and data-driven insights into critical aspects such as talent management, risk mitigation, and fair rewards. 2023 Cendex Pay Forecast & Priorities Report.
Factors that were reported to likely have an upward impact on the next pay settlement included:
- Inflation and cost of living (7.1%)
- Pay levels in the same industry (64.2%)
- Skills shortages (59.7&)
Don’t let turnover cost you—use our data to develop an effective, targeted retention strategy and ensure business continuity in 2023 and beyond.
In today’s competitive job market, knowledge is power. Equip yourself with the most up-to-date market data from Cendex to help your organisation thrive.
Download the 2023 Pay Forecast & Priorities Report today.