Pay Planning for 2021: a new normal?

The year 2020 has most certainly been one of firsts and a year of adaptation. Findings from our pay planning for 2021 survey of 96 employers show that they are using a variety of initiatives and methods to tackle complicated HR challenges in the immediate circumstances, but also considering what the year ahead looks like too.

Just under half of our sample will benchmark pay levels for key roles as part of their 2021 strategy, highlighting the need for accurate pay data to inform decisions on pay. 

The results of this year’s survey reveal that the 2020 pay award is lower that than in 2019 for most in the sample (59%). Just under a third of employers (32%) say the level of pay rise in 2020 was the same as in 2019.

Looking ahead, the level of pay award in 2021 looks to follow a similar pattern: 48% of employers anticipate the level of pay rise will be lower in 2021 than in 2020, and 38% predict the level will be the same as in 2020.

The full report (available here) contains the full results from our survey of employers and covers:

-        Coronavirus’ impact on pay

-        The 2020 pay round

-        Looking ahead to rises in 2021

-        Pay pressures

-        Staffing

-        Recruitment and retention

-        Inflation

-        Climate change

-        Eexecutive, gender and ethnicity pay reporting progress

Furthermore, we include a chapter on IDR intelligence which gives you the latest round up of pay awards, long-term pay trends, inflation forecasts, labour market statistics and average weekly earnings.

Purchase the report here: https://www.incomesdataresearch.co.uk/reports/pay-planning-for-2021-a-new-normal/pay-planning-for-2021-the-new-normal

IDR offers bespoke research and advice services, if you need something more tailored to your organisation’s requirements then please email GeorgiaYoung@incomesdataresearch.co.uk to organise a phone call to discuss your needs.