• This topic has 83 replies, 67 voices, and was last updated 2 days ago by dazh.
Viewing 40 posts - 41 through 80 (of 84 total)
  • Private sector salary increase expectations
  • simon_g
    Full Member

    2.8%, after 3 years of no increases.

    Lots of people jumping to jobs elsewhere to secure a reasonable bump in salary.

    Tallpaul
    Full Member

    I’m expecting the typical ~3% nominal increase. Inflationary price increases this year are approx. 20% for direct vendor costs. Other operational expenses i.e. utilities/facilities will also be well up on 2020/21.

    They’ve already announced a need to reduce overall op-ex by 5%; I can’t see many CFO’s signing off 10% pay rises in the private sector (except perhaps for the energy suppliers!!).

    doris5000
    Full Member

    Public sector here and it’s been a decade of below actual inflation pay rises

    I’ve just moved jobs to a better paid institute & seen a decent but necessary salary bump -probably the best paid research institute in the country, yet they are still struggling to recruit at every level.
    Universities & research institutes across London are really in trouble, multiple crucial roles unfilled & no room for salary increases that people desperately need.

    Across the whole country! Since 2012, cumulative inflation is around 27%, tuition fees have gone up by 2.8%. HE institutions are going to really start to struggle over the next 2 years or so.

    db
    Full Member

    Company has lost +500 million euros plus another 200million euros due to Russia – not sure there will be a pay rise! I will not complain as there are people in the Ukraine in a far worse position than worrying about if they get a pay rise this year.

    FuzzyWuzzy
    Full Member

    I think I had just over 2% last year, I’m expecting it to be around 5% this year (due to be announced shortly) with senior management keeping an eye on what affect that has on the employee attrition rate. They may also offer a one-off payment in the short-term.

    Historically we’ve had a low employee attrition rate and I think 5% + a one-off payment would be enough to maintain that but I can see a few of the experienced people (with high-level clearance) jumping into contracting as there’s a lot of demand at the moment and they know they would likely get re-employed by the company if they wanted to return in 6-12 months (given it takes about 9 months currently to get someone cleared we can’t afford to be particularly choosy about not wanting to re-employ people :p )

    poly
    Free Member

    Energy costs and knock on pricing has been artificially low for a while now. Interest rates likewise. People have had a lot of disposable income as a result

    I have some sympathy for your position, especially when it’s higher rate tax payers etc telling me they are feeling the pinch, but people at the bottom of the wage ladder often are not living extravagantly to start with.  If you are renting a two bed flat for you and your kids and paying electric on prepayment meter you don’t get a lot of choices about where you could save money, now or historically.  It’s easy for middle aged affluent people to criticise those who have different lived experiences.

    Daffy
    Full Member

    We got 1% this year. I’m expecting similar for next year.

    theotherjonv
    Full Member

    @poly (TINAS too) exactly, hence why I am trying my hardest not to be critical of those where there was no choice – in fact in the very next paragraph I said

    There are for sure millions that weren’t in that situation and weren’t ‘wasting’ their excess because there wasn’t any excess. I’m hugely concerned and sympathetic. There are however other millions that could have seen this coming, built a war chest or paid down mortgages and chose not to, and now are facing a crisis if they are still committed to what they spent (eg: PCP)

    @TINAS – yes, house price costs in some areas blow choice out of the water, it’s no choice (with renting being just as expensive) But to counter, my wife’s friend for example. Good dual income but not unconscionably rich. On the back of low prices/inflation/interest rates went for an extension and luxury kitchen. Now struggling to afford the increased mortgage as well as other living costs going up massively. Is it condescending to be sympathetic but also wonder if they really thought it through….. didn’t have to upgrade at all, could have gone for lower cost alternatives, etc.

    thisisnotaspoon
    Full Member

    We got a ‘local market adjustment’ of about 3% in the summer which is corporate speak for people are leaving and they’re citeing better pay elsewhere. That’s in spite of me only joining in June having pointed out in salary negotiations that their offer was 10-15% lower than published data for the industry so it’s not surprising. But I had my own reasons for wanting this job (nearly zero commute).

    My expectation would be for a decent increase in January too because they’re still hemorrhaging staff which is the real driver, not altruism. Most of our work is cost+, so as long as we’re winning work the company is making money (actually more money as the contracts are costs + a percentage).

    timmys
    Full Member

    Private sector. 2.5-3% this year.

    Fair bit of whinging that this was effectively a pay cut due to inflation. One thing that the company pointed out (rightly or wrongly) was that nobody compared pay rises to inflation when inflation was in 0-2% range.

    I’m a liberal/leftie but do admit I get mixed feelings when public sectors go on strike due to sub-inflation rises. It’s as though they think 2-3% is not what the vast majority of the private sector have had this year!

    rsl1
    Free Member

    In a similar position to previous poster, our raises aren’t really driven by inflation but by a competitive talent pool and behind the market salaries. Over the last few years I’ve had 9% a couple of times from a mixture of promotion and catching up to the market, but 0% twice due to covid. We’ve found it incredibly difficult to recruit equivalent skills to mine so I know I could get a good bump by moving but would take a hit on work-life flexibility.

    Edit – dual income no kids means we should be ok to survive cost of living increases, but we’re finding it incredibly hard to buy our first house as the market is still supercharged with most places going more than 10% over. Of course Truss is looking to make that even worse with stamp duty cuts

    13thfloormonk
    Full Member

    Somehow recently fluked my way in to a significant uplift by changing companies (despite giving the new company an opportunity to revise downwards as I was concerned by the expectations attached to their offer. Concerns that have since been vindicated 😖). Very high demand for engineers in our industry right now

    That said, certainly not expecting a rise and am trying to pay off modest credit card debt etc. before I get found out or jump ship of my own volition. I don’t know how many others are in a position where they would gladly take a pay cut just for a slightly more manageable work/life split. Am even think of applying for less senior roles with other companies 🙄

    dangerousbeans
    Free Member

    I’m a liberal/leftie but do admit I get mixed feelings when public sectors go on strike due to sub-inflation rises. It’s as though they think 2-3% is not what the vast majority of the private sector have had this year!

    It’s all us greedy nurses, we’ve been raking it in for the past 12 years whilst the private sector got nothing

    Oh wait…..

    https://www.nuffieldtrust.org.uk/resource/chart-of-the-week-real-terms-nhs-staff-pay-from-2010-to-2020

    jam-bo
    Full Member

    It’s all us greedy nurses

    should have saved up some claps…

    supercarp
    Full Member

    I didn’t think the private sector gave pay rises, the government seem to say this so they can’t justify public sector pay increases as it would not be fair to the private sector.

    Seems they lied about that along with everything else!

    dangerousbeans
    Free Member

    According to the ONS

    March to May 2022

    Average total pay growth for the private sector was 7.2% in March to May 2022, and for the public sector it was 1.5%.

    The finance and business services sector and construction sector showed the largest growth rates at 8.2% and 8.1%, respectively, partly because of strong bonus payments.

    April to June 2022

    Average total pay growth for the private sector was 5.9% in April to June 2022, and 1.8% for the public sector.

    The wholesaling, retailing, hotels and restaurants sector saw the largest growth rate at 7.7%, followed by the finance and business services sector and construction sector, both at 6.3%; this was partly because of strong bonus payments.

    Bonus payments are continuing at the high levels seen over the last six months, after a slightly lower level in May 2022.

    monkeyboyjc
    Full Member

    It won’t apply to many on here, but as an employer of a low wage single part-time employee. I’m offering a 9% payrise this year rather than what I’d normally offer at around 3-4.5%. Myself and my wife will be staying on the same pay – Im basing this on keeping our employee ahead of the recognised national living wage (Prediction of £10.90) rather than looking at inflation figures.

    Its a minimum wage position, and all the major competition (supermarkets) would be paying significantly less for a similar role – it’s one way of keeping good job retention figures I guess.

    The wage packet increase is the least of my buisness worries and comparatively small when compared to utilities and stock/material increases.

    squirrelking
    Free Member

    Im with theotherjon aswell, the huge houses bought over 35yr mortgage at low int rate was never going to work, what should have happened was buy the house you would have bought when rates where higher and thus be able to afford the inevitable increases, but people could not resist, same as all the 50-60k cars

    That describes a certain section of society that have been living beyond their means one way or another for a long time but remember the ones at the bottom who barely qualified for a mortgage (if at all) but are still better off than renting.

    It’s worth pointing out that folk have been predicting this for years on here. Still nowhere near historically bad levels on interest rates but that’s only part of the picture.

    I’m a liberal/leftie but do admit I get mixed feelings when public sectors go on strike due to sub-inflation rises. It’s as though they think 2-3% is not what the vast majority of the private sector have had this year!

    See also: race to the bottom.

    prettygreenparrot
    Full Member

    Folks are aware of the ‘great resign’?

    Private sector is unlikely to make broad changes that keep pace with inflation at 10-20%. They failed to do so generally when inflation was <5%.

    They managed to trade off workforce attrition and low pay awards then. Why change now?

    I’d expect <5% as typical awards.

    Aware that market competition means that moving to another company would provide a substantive increase.

    An early September issue of The Economist had some things to say about wages, inflation, and woeful British productivity.

    whatyadoinsucka
    Free Member

    telecoms, 2% for 2023, after 3% this year and 1% last two years..
    no one is happy, i believe the company is happy to churn staff.

    recent costofliving one off payment announced £1450 for those on under £35k appears to be the becnhmarked standard.

    seems a p1sstake when ebitda was £55k per employee in the last quarter, £207k FY21

    prettygreenparrot
    Full Member

    In my industry salary expecations are becoming eye-watering – whereas graduates were expecting £18-£23k two years ago, they are expecting £28-£32k now (digital industry).

    This seems a British problem?

    if there is a workforce supply shortage then wages should rise to recruit people.

    £28,000-£32,000 seems modest for in-demand graduates? I hope they’re voting with their feet if there are not substantial additional benefits like pension, car allowance, welcome bonus, and so on.

    NHS band 5 salary (freshly minted radiographer and similar) is ~£27,000. https://www.healthcareers.nhs.uk/working-health/working-nhs/nhs-pay-and-benefits/agenda-change-pay-rates/agenda-change-pay-rates Not sure the NHS has been particularly competitive on salaries. I throw it in as i think it sets a low baseline for non-medical graduates.

    prettygreenparrot
    Full Member

    It’s all us greedy nurses, we’ve been raking it in for the past 12 years whilst the private sector got nothing

    😂

    Ah yes. My SO was a senior doctor. Year on year 1% rises split into two 0.5% awards were a great incentive to go beyond the early retirement threshold – not. Of course then the first 5% rise turns up. Too little. Too late.

    seriousrikk
    Full Member

    Didn’t have an increase last year, but that’s hardly suprising as our company was heavily impacted by all those energy suppliers going under and had to make some redundancies.

    I’ll see what I can negotiate this year.

    doris5000
    Full Member

    I’m a liberal/leftie but do admit I get mixed feelings when public sectors go on strike due to sub-inflation rises. It’s as though they think 2-3% is not what the vast majority of the private sector have had this year!

    It’s not so much this year, it’s on top of all the other years of sub-inflation rises! I just totted it up (I work at a uni). Since 2016, inflation averages 3.0%, our pay rises averaged 1.6%, and we’ve been below inflation for 6 consecutive years.

    So it’s not like people are suddenly kicking off about this year alone – it’s been getting tougher for a long time.

    ji
    Free Member

    I’m a liberal/leftie but do admit I get mixed feelings when public sectors go on strike due to sub-inflation rises. It’s as though they think 2-3% is not what the vast majority of the private sector have had this year!

    I worked out that what I was being paid (for a senior management job admittedly) in 2002, was almost exactly what I was being offered for a similar role in 2021, once adjusted for inflation. Was in a lucky position of quitting and doing something else, but public sector pay has not kept up (and indeed has often been negative once inflation is accounted for) since around 2010.

    My wife, who works 3 days a week, now earns so little that she doesnt pay tax or national insurance in a university role.

    jam-bo
    Full Member

    I worked out that what I was being paid (for a senior management job admittedly) in 2002, was almost exactly what I was being offered for a similar role in 2021, once adjusted for inflation.

    is that not the definition of inflation..

    doris5000
    Full Member

    is that not the definition of inflation..

    Quite! I am being paid about 11% less now than I was in 2016, once adjusted for inflation.

    matt_outandabout
    Full Member

    (charity here)

    We’ve not yet agreed our yearly increase. That’s for the board to decide in October. Proposals vary from 3-10%.

    We have however agreed a one-off cost of living contribution to all staff, with lowest paid recieving 20% more. This is an attempt to retain and look after staff, without a commitment to higher wages ongoing just yet.

    Our FD is concerned that we don’t announce high pay increases ahead of support from Government which is due to be announced.

    We’re also doubling down on the fact that we are a really, really good employer who’s flexible, supportive and genuinely cares for stay. We are a really positive mission organisation to work for too.

    chestrockwell
    Full Member

    My wife moved to a new company just less than a year ago. In the summer she was given a rise that was roughly 10% that she wasn’t expecting. Speaking to others, they got the same. At her previous place the only way to get a raise would be to beg.

    I’m public sector and have been offered 2%, following years of below inflation rises and plenty of 0%. We are balloting for strike action.

    Kryton57
    Full Member

    I’m expecting mine to go down by about 33%.

    That’s because I was bought in to market, launch and sell a new product with year one based on MBO but thereafter in 2023 on 50/50 base + commission. Not easy finding sales as a new entrant to a mature market.

    oceanskipper
    Full Member

    Just been given 5% across the board for everyone employed before 1st Sept 2022. Seems pretty reasonable to me, especially as our funding/income is quite complex.

    winston2005
    Full Member

    My other half works for a building society. They got a 5% rise and moved to the top of their pay scales and a 1200 cost of living bonus.
    Quite simply they couldn’t recruit. Given she left the NHS after 28 years shes somewhat gob smacked at the level of ‘uplift’

    onehundredthidiot
    Full Member

    Public sector, ballotted for strike action. No such thing as a cost of living payment. If COSLA had said 5% in Jan (what they’re offering now) we’d have bitten their hand off. But the game plan is always low ball it. it’s not going to be a fun winter, expect a headline 10% but spread over 3years which will just put us further behind.

    blurty
    Full Member

    We paid 3% at Christmas and an intermediate rise of 5% in May.

    We have budgeted another 5% at Christmas + a fund to head off any valuable people we feel are a flight risk with exceptional increases.

    (Finance & asset management sector)

    jolmes
    Free Member

    Moved roles in Jan, managed to get a 25% pay rise off that on the back of a 3% pay rise previous year. Current team is undergoing a Pay Review as the team is underpaid for what we do (compared to market average). We’ve lost one of the most senior members to another team due to pay and another starter who joined with me to another company to do the exact same role, 35% pay rise and the kick in the arse is that its the same company but a subsidiary…she’ll be moving up a floor in our building.

    Sticking around to see what comes of the pay review if anything. The team isn’t hopefully, big ftse100 company that appears would rather lose staff than retain the knowledge base and pay a bit extra.

    Company has thrown a bone to the staff with a cost of living payment in Oct, <=£30k and you’ll get £1k, between £30k and £32,500 (£650) and under £35k (£300). Cant scoff at it but its one of the lowest in the sector.

    garage-dweller
    Full Member

    It is not as simple as private vs. public.

    Loads of factors that will drive it and I bet those averages include some thumping bonuses for senior execs in some industries where below 3% was the norm for lower paid staff.

    Just a few things that might get considered…

    – current attrition rate
    – ability to pass on increases
    – shortage of correctly skilled labour
    – ability to pay based on other inflationary pressures
    – management attitude / corporate culture
    – market rate

    Lots of UK businesses are going to be stretched beyond belief at current inflation and interest rates and even the best of intentions won’t deliver big rises.

    mert
    Free Member

    I’ve just put in a couple of speculative applications, see if i can get me a pay rise…

    pk13
    Full Member

    Got told today zero over 18mts huge USA corp.

    Thanks for that

    CountZero
    Full Member

    We’re all getting 4% from next month. I think that’s the biggest raise I’ve ever had! Most raises I can recall have been in the order of 2-3%, so 4%, especially at my age, is particularly welcome.

    tjagain
    Full Member

    Massive recruitment problems and eye watering vacancy rates in the nhs but somehow declining salaries ( against inflation) are not the issue and increasing salaries is not the solution

Viewing 40 posts - 41 through 80 (of 84 total)

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