Navigate the complex landscape of pay awards with our comprehensive Pay Awards 2023 report. XpertHR® recorded a median 6% company pay award across various sectors, providing you with the benchmarks to plan your pay reviews effectively.
In 2023, manufacturing and production, as well as private-sector services, achieved the same median pay award. However, not-for-profit organisations saw pay deals worth a median of 5%. Among the sectors within manufacturing and production, construction and general manufacturing had the lowest median basic pay increases at 5% and 5.5% respectively. The electricity, gas, and water sector outshone others with a 7.5% median award.
In the fast-paced world of industry and sector pay awards, up-to-date information is paramount. Our detailed forecast report will help you stay ahead of your pay reviews and make informed decisions that align with the latest trends.
Our report offers a comparison of pay awards data such as:
- Pay forecasts by broad sector
- Pay forecasts by industry
- A pay setting calendar
Cendex provides you with the tools you need to create and optimise pay grading structures that align with your reward strategy:
- Ease and flexibility: Design and optimise your pay structures to meet your organisation’s objectives.
- Unlimited updates: Keep your pay structures current with just a click, ensuring they evolve with your organisation.
- Alignment with market rates: Gain access to the freshest, most robust market data.
- In-tool analysis: Make informed reward decisions and support employee career progression.
- Automated job matching: Save time and ensure accuracy by automatically matching employees to grades.
Our dedicated Cendex team will assist you throughout your pay grading journey, helping with job levelling and data integration.
Download the report to discover key insights.