Prioritising pay and reward is a key factor in employee retention. However, given inflation trends, employee expectations, and the economic outlook for 2024, many HR leaders and are left unsure of what to award their teams in their 2024 pay reviews.
To help settle some of this uncertainty and enable employers to reach a decision that is right for their organisation, we recently put together a survey to understand the proposed salary increases across our own client base. This survey was broken down by business size and geography, to provide as accurate insight as possible.
• Many organisations are looking to move away from cost of living bonuses to help support employees during the high period of inflation
• More organisations are reverting to the traditional annual pay review as a result of the continued inflation trend (largely based around tracking CPI), affordability and attraction/retention demands
• Half of responding clients are proposing to offer between 4% and 6% in 2024