Those in the middle benefit the most in 2012
There has been little change in pay for those in entry-level positions, according to a recent report cited in onrec.com.
The story points to Towers Watson’s Global 50 Remuneration Planning Report, which detailed pay movement according to job level. For those in entry-level positions or clerical roles, pay rises averaged approximately one per cent in the UK – which was a slight improvement on the global average of zero per cent.
Medium level employees, fared better with an average increase of nearly six per cent. However, further up the scale – those at the top saw little change in pay.
Darryl Davis, a consultant at Tower’s Watson said: “The emerging pattern in the UK in the past 12 months shows base-pay rises at the bottom and top of the organisations to be muted, whereas those in the middle are benefiting from more substantial increases.
After taking inflation into account, those at the bottom of the pay scale have actually received a 1.9 per cent pay cut.
Economists are hoping for a brighter 2013 with news that the London jobs market is improving. Standard.co.uk reported that jobs in London are now at pre-recession levels, stating: “The total number of jobs across Greater London [in 2012] is forecast to have grown by 2.6% to 5,032,200.”
“This beats the 4,973,000 declared in December 2008, before the recession started to hit the jobs market.”
Towers Watson’s Global 50 Remuneration Planning Report is available to purchase from twdataservices.com