New poll suggests job market will be dominated by workers trying to secure a pay increase that keeps up with cost-of-living.
As the cost of living continues to rise in the UK, it looks like workers across all sectors will be pushing for a pay increase to reflect inflation this year.
A survey by CV-Library reveals that more than half (50.6%) of UK workers are realistically expecting a pay rise of 10% or more in 2023.
Lee Biggins, CEO of CV-Library said, “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%.”
Just over a quarter of respondents expect to get a pay increase of between five and nine per cent, while a little over 16% think they’ll be able to negotiate more than 20%.
Biggins continued, “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.”