Latest news with #Attwood
Zawya
23-04-2025
- Business
- Zawya
UK employer pay rises hold at 3%, Brightmine says
LONDON: Pay increases granted by British employers stayed at 3% in the three months to March, according to figures from human resources data firm Brightmine that are likely to be welcomed by the Bank of England. It marked the fourth consecutive rolling quarter of pay awards at that level, and the joint lowest pace of increase since December 2021. BoE officials are watching closely to see how employers react to an increase in social security contributions - known in Britain as national insurance - and a higher national minimum wage. Both took effect in April. "Currently the data isn't showing any signs of a knee-jerk reaction to recent national insurance changes," said Sheila Attwood, Brightmine's senior content manager. "However, we do know that employers are taking a watch and wait approach, so we expect to see that reflected in the second half of this year." Britain's minimum wage went up this month by almost 7%. Attwood said Brightmine had seen more pay deals awarded at the lower end of its range, but the overall picture was one of stability. The BoE is watching for signs that inflation pressure in Britain's jobs market is abating sufficiently for it to carry on cutting interest rates. It is widely expected to do so on May 8. Brightmine analysed 125 pay settlements effective in the three months to March 31 covering around 192,000 employees. (Reporting by Andy Bruce; editing by Suban Abdulla)
Reuters
22-04-2025
- Business
- Reuters
UK employer pay rises hold at 3%, Brightmine says
LONDON, April 23 (Reuters) - Pay increases granted by British employers stayed at 3% in the three months to March, according to figures from human resources data firm Brightmine that are likely to be welcomed by the Bank of England. It marked the fourth consecutive rolling quarter of pay awards at that level, and the joint lowest pace of increase since December 2021. BoE officials are watching closely to see how employers react to an increase in social security contributions - known in Britain as national insurance - and a higher national minimum wage. Both took effect in April. "Currently the data isn't showing any signs of a knee-jerk reaction to recent national insurance changes," said Sheila Attwood, Brightmine's senior content manager. "However, we do know that employers are taking a watch and wait approach, so we expect to see that reflected in the second half of this year." Britain's minimum wage went up this month by almost 7%. Attwood said Brightmine had seen more pay deals awarded at the lower end of its range, but the overall picture was one of stability. The BoE is watching for signs that inflation pressure in Britain's jobs market is abating sufficiently for it to carry on cutting interest rates. It is widely expected to do so on May 8. Brightmine analysed 125 pay settlements effective in the three months to March 31 covering around 192,000 employees.
Zawya
19-02-2025
- Business
- Zawya
UK pay growth holds at lowest level since 2021, Brightmine says
LONDON: Pay increases granted by British employers held steady in the three months to January at the lowest level since 2021, signalling a shift towards more restrained rises as businesses try to cope with economic pressures, according to a survey on Wednesday. Human resources data firm Brightmine said the median pay award held at 3% for the second consecutive rolling quarter, following a revision of figures from 3.3% for the three months to December 2024. "This is the lowest median pay settlement recorded since December 2021," Brightmine said in a statement, adding that upcoming increases in employers' social security contributions could further influence pay decisions in the months ahead. Employers say the government's plan to boost the social security contributions they pay from April - when Britain's minimum wage is also due to rise by almost 7% - will reduce hiring and wage growth. Data from the Office of National Statistics showed on Tuesday that British pay growth accelerated in late 2024 but the Bank of England expects pay increases to slow soon as weakness in the economy weighs on the labour market. The British economy stagnated in the third quarter of 2024 but unexpectedly grew 0.1% in the last three months of the year. Brightmine's survey also showed that turnover rates have remained largely unchanged in 2024 compared to the previous year. However, more than one-third of organisations are concerned that turnover levels are too high. "While labour turnover rates have stabilised, the combination of pay awards stalling and ongoing concerns about workload and career progression could increase resignations later in 2025," said Brightmine's Sheila Attwood. "Employers may need to balance cost control with competitive pay and other retention measures to avoid unwanted staff losses," Attwood added. (Reporting by Catarina Demony; Editing by Sandra Maler)
Yahoo
19-02-2025
- Business
- Yahoo
UK pay growth holds at lowest level since 2021, Brightmine says
LONDON (Reuters) - Pay increases granted by British employers held steady in the three months to January at the lowest level since 2021, signalling a shift towards more restrained rises as businesses try to cope with economic pressures, according to a survey on Wednesday. Human resources data firm Brightmine said the median pay award held at 3% for the second consecutive rolling quarter, following a revision of figures from 3.3% for the three months to December 2024. "This is the lowest median pay settlement recorded since December 2021," Brightmine said in a statement, adding that upcoming increases in employers' social security contributions could further influence pay decisions in the months ahead. Employers say the government's plan to boost the social security contributions they pay from April - when Britain's minimum wage is also due to rise by almost 7% - will reduce hiring and wage growth. Data from the Office of National Statistics showed on Tuesday that British pay growth accelerated in late 2024 but the Bank of England expects pay increases to slow soon as weakness in the economy weighs on the labour market. The British economy stagnated in the third quarter of 2024 but unexpectedly grew 0.1% in the last three months of the year. Brightmine's survey also showed that turnover rates have remained largely unchanged in 2024 compared to the previous year. However, more than one-third of organisations are concerned that turnover levels are too high. "While labour turnover rates have stabilised, the combination of pay awards stalling and ongoing concerns about workload and career progression could increase resignations later in 2025," said Brightmine's Sheila Attwood. "Employers may need to balance cost control with competitive pay and other retention measures to avoid unwanted staff losses," Attwood added. Sign in to access your portfolio
Reuters
19-02-2025
- Business
- Reuters
UK pay growth holds at lowest level since 2021, Brightmine says
LONDON, Feb 19 (Reuters) - Pay increases granted by British employers held steady in the three months to January at the lowest level since 2021, signalling a shift towards more restrained rises as businesses try to cope with economic pressures, according to a survey on Wednesday. Human resources data firm Brightmine said the median pay award held at 3% for the second consecutive rolling quarter, following a revision of figures from 3.3% for the three months to December 2024. "This is the lowest median pay settlement recorded since December 2021," Brightmine said in a statement, adding that upcoming increases in employers' social security contributions could further influence pay decisions in the months ahead. Employers say the government's plan to boost the social security contributions they pay from April - when Britain's minimum wage is also due to rise by almost 7% - will reduce hiring and wage growth. Data from the Office of National Statistics showed on Tuesday that British pay growth accelerated in late 2024 but the Bank of England expects pay increases to slow soon as weakness in the economy weighs on the labour market. The British economy stagnated in the third quarter of 2024 but unexpectedly grew 0.1% in the last three months of the year. Brightmine's survey also showed that turnover rates have remained largely unchanged in 2024 compared to the previous year. However, more than one-third of organisations are concerned that turnover levels are too high. "While labour turnover rates have stabilised, the combination of pay awards stalling and ongoing concerns about workload and career progression could increase resignations later in 2025," said Brightmine's Sheila Attwood. "Employers may need to balance cost control with competitive pay and other retention measures to avoid unwanted staff losses," Attwood added.
