What’s driving the upward pressure on pay?

Reports of organisations offering astronomical starting salaries this year might have set employers’ hearts racing over the past couple of weeks. After all, we’re still emerging from the pandemic that saw £80.37bn paid out in government business loans, causing business costs to accelerate.

Recruitment consultancy Robert Walters has claimed payroll budgets in the professional services sector have leapt by 10-15%, the largest increase seen since 2008, while reward specialist Willis Towers Watson has placed the average anticipated pay rise budget at 3.2% – both staggering increases considering pay settlements averaged 2% in 2021 and not much in the way of pay rises was seen at all in 2020 (Webber, 2022).

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