How to beat the pay rise slump in 2016
The CIPD have reported this week that pay rise expectations until December 2016, are low. With increased employment costs and low inflation, pay rise predictions have fallen to their lowest level since 2014.
Just 3 months ago, employees were seeing pay rises of 2% on average. Based on the 2015 UK average salary of £27,456. This would be a decent £549 increase.
The Office of National Statistics, backed this up with their research results in February, finding that UK weekly earnings had increased by 2%, excluding bonuses, compared with February 2015.
With this in mind, and with The Guardian predicting an 8% increase in house prices this year. How can you beat the pay rise slump and increase your earnings in 2016?
Recruitment is deeply buried in a candidate driven market. It has been for some time now and this is great news for you. Our clients are keen to expand and take people on, there are lots of jobs out there. The issue for employers is that there is a shortage of talent in the market.
What this means for you, is that if you want to really push your earning capacity, now is a great time to move jobs. A change of role usually brings with it an increased salary. It can also give you better benefits, bonuses and total package.
Changing your job can have many other benefits too:
- Wider experience
- Better long term earning potential
- A new challenge
- A better fit with your lifestyle
- Growing network
- A new team
Moving jobs can be daunting but the benefits can be enormous.
Something else to bear in mind, is that we are seeing a rise in ‘counter offers’. This is where your current employer is keen not to lose you from their team and offers you more money to stay. This isn’t a recommended way to try and get a pay rise. It can work out well, but in our experience the majority of people who accept a counter offer end up leaving their job within a year. So tread carefully.
Whatever you decide to do, remember we are here to help you. We specialise in permanent and temporary recruitment across:
- Accountancy and Finance