Credit crunch 'has not halted pay rises'


Credit crunch 'has not halted pay rises'
According to a new poll, many UK companies are still offering their employees pay increases despite the credit crunch.

The survey, conducted by Incomes Data Services, found that a third of employers offered their staff a three per cent increase in their wages this quarter.

Contrary to advice offered by the government, 25 per cent of companies had agreed on employee wage rises over the rate of inflation, Management Today reported.

Workers from the chemical and pharmaceutical sectors were found to be the best off, as well as employees of the Construction Industry Joint Council, some of which saw a wage increase of six per cent.

The figures also found that the standard pay settlement reached between firms and employees this quarter was 3.5 per cent.

A study undertaken by found that the average British household will end up with £2,500 less than last year.

Such pay rises should not be unexpected, according to ClickAJob Marketing Manager Anders Jensen.

"There might be a credit crunch, but savvy companies know there is also a talent crunch and it’s getting more severe every day," he says.

"If skilled staff aren’t happy with their pay cheques, they’ll walk."

"On top of that, every employer knows that keeping skilled staff in place and happy is a lot less costly than going through hiring from scratch," he points out.

"Providing career prospects, ensuring a pleasant work environment, and keeping pay rates competitive are all critical to retaining top quality staff and driving companies forward," he continues.

"The credit crunch might worsen, but good, skilled, professional people with a dedicated career reflex are unlikely to be affected by it."

Related categories: HR / Recruitment.

Bookmark with:
Bookmark with: Digg Digg Bookmark with: Delicious Bookmark with: Reddit Reddit Bookmark with: StumbleUpon StumbleUpon Bookmark with: Google Google Bookmark with: Technorati Technorati Bookmark with: Netvouz Netvouz

See also:

Latest News:

Search News
News Front Page
Accountancy / Tax
Advertising / PR
Armed Forces
Aviation / Aerospace
Banking / Finance
Charities / Voluntary
Childcare / Youth
Construction / Property
Customer Services
Education / Training / Teaching
Emergency Services
Engineering / Electronics
Entertainment / TV / Theatre
Graduate Roles
HR / Recruitment
Health / Beauty
Hotel / Catering / Restaurants
IT / Internet
Insurance / Pensions
International / Overseas
Management / Business
Manufacturing / Industry
Media / New Media / Creative
Medical / Healthcare
Pharmaceutical Industry
Public Sector
Retail / Wholesale
Sales / Purchasing / Marketing
Science / Technology
Secretarial / PA / Admin
Skilled / Semi-skilled Manual
Transport / Logistics
Travel / Tourism / Leisure