Pay Trends for Incumbent Employees: December 2023

Pay Trends for Incumbent Employees: December 2023

Discover the latest pay trends as of December 2023, where employee pay surged by an impressive 6.2%, excluding the impact of promotions. Dive into the detailed analysis of non-promoted employees’ pay growth, industry-specific variations, and key factors shaping the future landscape.

Key Highlights

  • Industry Insights: Explore the significant differences in pay increases across industries. The finance and public health sectors witnessed the largest average 12-month pay growth.
  • Job Function Breakdown: Uncover the impact of job function on recent pay trends, with pensions and insurance roles leading the table with an impressive 8.3% increase.
  • Job Level Dynamics: Understand the modest variations in pay increases across job levels, with more junior employees, including entry-level professionals and routine task providers, experiencing the strongest growth at around 7%.
  • Organisation Size Dynamics: Delve into the subtle variations in pay increases based on organisation size. Small-sized enterprises with 1 to 249 employees led the pack with the highest average pay increases at 6.6%.
  • Looking Ahead: Anticipate the future of pay growth as we analyse the likelihood of a slowdown. Despite the highest pay growth in decades, factors such as inflation and other pressures are expected to influence more modest increases in 2024.

About the Statistics:

The detailed statistics in this report are derived from a meticulously matched sample of 526,179 UK-based non-promoted incumbent employees across 613 organisations. The analysis covers a range of factors, including industry, job function, job level, and organisation size.

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