A new survey has revealed that just over half of UK workers are realistically expecting a pay rise of 10% or more this year.
Of the 2,000 people questioned for the CV-Library survey:
- 8% expect an increase of 1-4% in pay
- 6% expect 5-9%
- 2% expect 10-14%
- 8% expect 15-19%
- 6% expect 20%+
Lee Biggins, Founder and CEO of CV-Library commented on the findings, “To expect a pay increase of more than 10% a year would have previously been a pipe dream or the result of a promotion rather than a realistic expectation but, it’s been 40 years since inflation has hit 11%.”
“Businesses cannot be expected to fully bridge the cost-of-living gaps for their staff. They also face unprecedented cost increases, and much uncertainty lies ahead.
“Recruitment is still critical for many, and staff retention is a priority. Company culture, recognition, along with other benefits and incentives play a big part but there’s no escaping that salaries are going to be a key driver in 2023.
“The Government needs to step in and take further action, not only to safeguard British businesses but to kickstart growth in the economy.”
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