{"id":6798,"date":"2024-06-21T10:10:53","date_gmt":"2024-06-21T10:10:53","guid":{"rendered":"https:\/\/www.brightmine.com\/uk\/?post_type=resources&#038;p=6798"},"modified":"2026-07-27T13:16:20","modified_gmt":"2026-07-27T13:16:20","slug":"pay-trends-june-2024-salary-benchmarking","status":"publish","type":"resources","link":"https:\/\/www.brightmine.com\/uk\/resources\/total-rewards\/pay-trends\/pay-trends-june-2024-salary-benchmarking\/","title":{"rendered":"Pay awards stand at 4.6% following the busiest period of the year for pay settlements"},"content":{"rendered":"\n<div class=\"wp-block-group alignwide has-primary-white-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-b5fc8583 wp-block-group-is-layout-constrained\" style=\"border-radius:25px;padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30)\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-7fc3d43a wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:70%\">\n<p class=\"\">by <strong>Brightmine<\/strong><\/p>\n\n\n\n<p class=\"\">The latest data from Brightmine, (formerly XpertHR) leading provider of people data, analytics and insights, shows the median basic pay award in the three months to the end of May 2024 was 4.6%, one-tenth of a percentage point higher than the revised figure from the previous rolling quarter.<\/p>\n\n\n\n<p class=\"\">Despite April being the busiest month for pay settlements, there has been little fluctuation in awards reported in 2024. The median pay award has remained below 5% for four consecutive rolling quarters, and pay settlements are expected to remain below 5% for the remainder of the year.<\/p>\n\n\n\n<p class=\"\">The record-level pay settlements recorded by Brightmine in 2023 were driven by high inflation levels, but with April\u2019s consumer prices index at 2.3%, closer to the Bank of England&#8217;s 2% target, pay awards are also showing a downward trend. In a matched sample, over half (53%) of employee groups received a pay settlement that was worth less than the percentage increase they received for 2023.<\/p>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\" style=\"border-left-color:var(--wp--preset--color--secondary-blue);border-left-width:5px;padding-right:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30)\">\n<p class=\"has-text-align-left has-medium-font-size\" style=\"font-style:normal;font-weight:500\">\u201cAs we head further into the year, we can see that settlement levels are sitting firmly below 5%, a level we now expect them to sit at through to the end of the year. Employers have reacted to lower inflation by bringing down the level of settlements compared with last year, but are keeping pay rises comfortably above inflation while employees continue to feel cost of living pressures.\u201d<\/p>\n\n\n\n<p class=\"\">&#8211; Sheila Attwood, Senior Content Manager, Data and HR Insights, Brightmine<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Latest rolling quarter findings<\/h2>\n\n\n\n<p class=\"\">Based on 132 pay settlements that came into effect in the three months between 1 March and 31 May 2024, covering 533,579 employees, Brightmine found:<\/p>\n\n\n\n<ul class=\"wp-block-list is-style-brightmine-list-item-spacing-small\">\n<li class=\"\"><strong>Little variability in basic pay settlements.<\/strong> The middle 50% of pay awards are close in value, at 4% for the lower quartile and 5.3% for the upper quartile. In contrast, when Brightmine recorded the highest pay awards for 30 years last year, it was common to see a range of around three percentage points, indicating the variability in the settlement values.<\/li>\n\n\n\n<li class=\"\"><strong>Manufacturing sector pay awards dip below services sector.<\/strong> For the three months to the end of May 2024, the median manufacturing-and-production sector award stands at 4.5%, compared with 4.9% for the services sector. This deviates from the first three consecutive rolling quarters of 2024, where the manufacturing and production sector stood close to one percentage point higher than the services sector.<\/li>\n\n\n\n<li class=\"\"><strong>Over a quarter of employee groups see an increase.<\/strong> For aa little over a quarter (28%) of employee groups, the pay settlement increased in value; however, these tended to be for those who saw increases in line with the rise in the national living wage.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" style=\"font-size:clamp(16.293px, 1.018rem + ((1vw - 3.2px) * 1.193), 25px);\">Pay review pattern &#8211; whole economy, May 2023 to May 2024<\/h3>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"371\" src=\"https:\/\/cdn.brightmine.com\/wp-content\/uploads\/sites\/2\/2024\/06\/20144127\/pay-trends-march-may-2024.webp\" alt=\"A chart from Brightmine showing info for June 2024 on pay trends and salary benchmarking.\" class=\"wp-image-6800\" srcset=\"https:\/\/cdn.brightmine.com\/wp-content\/uploads\/sites\/2\/2024\/06\/20144127\/pay-trends-march-may-2024.webp 602w, https:\/\/cdn.brightmine.com\/wp-content\/uploads\/sites\/2\/2024\/06\/20144127\/pay-trends-march-may-2024-300x185.webp 300w\" sizes=\"auto, (max-width: 602px) 100vw, 602px\" \/><\/figure>\n\n\n\n<p class=\"\">The Brightmine product portfolio, which includes pay trends information, provides HR and reward professionals with the continuous insight into pay practices they need to be able to attract and retain the right talent. <\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column lnrs-hide-block-on-mobile is-layout-flow wp-block-column-is-layout-flow\" style=\"border-left-color:var(--wp--preset--color--secondary-gray);border-left-width:2px;padding-left:10px;flex-basis:30%\">\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained wp-container-1 is-position-sticky\">\n<div class=\"wp-block-group has-bleach-white-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-a36fa716 wp-block-group-is-layout-constrained\" style=\"border-radius:14px;padding-top:10px;padding-right:15px;padding-bottom:15px;padding-left:15px\">\n<h3 class=\"wp-block-heading\">Navigate HR complexity with confidence<\/h3>\n\n\n\n<p class=\"\">With Brightmine, you can build powerful people strategies, implement best practices and set your organisation up for a brighter future.<\/p>\n\n\n\n<p class=\"\">Learn how our tools, resources and automation can empower you and your team.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"\/uk\/solutions\/?intcmp=cta|blog|solutions|learn-more\" style=\"border-radius:25px\">Learn more<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\" style=\"margin-top:var(--wp--preset--spacing--40);margin-bottom:var(--wp--preset--spacing--40)\">\n<p class=\"\"><a href=\"#top\">Go back to the top<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-primary-white-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-4b7a3f7f wp-block-group-is-layout-constrained\" style=\"border-radius:25px;margin-top:var(--wp--preset--spacing--30);margin-bottom:var(--wp--preset--spacing--30);padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30)\">\n<h2 class=\"wp-block-heading\">You may also be interested in&#8230;<\/h2>\n\n\n<section id=\"resources-search-filter\" class=\"wp-elements-1e8d25249388bfaa809ace651afda9fe 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Benchmark pay movements for more than 640,000 employees &#8230;<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n<\/section>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-container-core-group-is-layout-5fb0786f wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group has-primary-white-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-fcdab8bb wp-block-group-is-layout-constrained\" style=\"border-radius:25px;margin-top:var(--wp--preset--spacing--30);margin-bottom:var(--wp--preset--spacing--30);padding-top:var(--wp--preset--spacing--40);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--40);padding-left:var(--wp--preset--spacing--30)\">\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<h3 class=\"wp-block-heading\" id=\"h-topics-on-this-page\" style=\"font-style:normal;font-weight:500\">Topics on this page<\/h3>\n\n\n\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-6c531013 wp-block-group-is-layout-flex\">\n\n<div class=\"taxonomy-topic has-link-color wp-elements-5ec59eb01c09ec2f1d84a6b36973ff83 wp-block-post-terms\"><a href=\"https:\/\/www.brightmine.com\/uk\/resources\/total-rewards\/benchmarking\/\" rel=\"tag\">Benchmarking<\/a><span class=\"wp-block-post-terms__separator\">, <\/span><a href=\"https:\/\/www.brightmine.com\/uk\/resources\/total-rewards\/pay-trends\/\" rel=\"tag\">Pay trends<\/a><\/div><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cararra-gray-color has-alpha-channel-opacity has-cararra-gray-background-color has-background is-style-wide\"\/>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-about-the-author\" style=\"font-style:normal;font-weight:500\">About the author<\/h3>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-658170e2 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100px\">\n<figure class=\"wp-block-image size-full is-resized has-custom-border is-style-rounded\"><img loading=\"lazy\" decoding=\"async\" width=\"128\" height=\"128\" src=\"https:\/\/cdn.brightmine.com\/wp-content\/uploads\/sites\/2\/2024\/03\/12085308\/Brightmine_Favicon_128px.png\" alt=\"\" class=\"wp-image-313\" style=\"border-radius:25px;object-fit:cover;width:100px;height:100px\"\/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"\"><strong>Brightmine<\/strong><\/p>\n\n\n\n<p class=\"\">With more than 10,000 customers, Brightmine is a leading global provider of people data, analytics and insight \u2013 empowering HR leaders to deliver brighter business outcomes.<\/p>\n\n\n\n<p class=\"\">For more than two decades, Brightmine, formerly XpertHR, has continued to help HR leaders confidently navigate the evolving world of work through our unique combination of critical workforce data, AI-enabled technology and trusted HR expertise.<\/p>\n\n\n\n<p class=\"\">Brightmine is a division of LexisNexis Data Services within RELX\u00ae, a global provider of information-based analytics and decision tools. RELX serves customers in 180+ countries with 35,000+ employees. Ticker: London: REL; Amsterdam: REN; New York: RELX.<\/p>\n\n\n\n<p class=\"has-primary-black-color has-text-color has-link-color wp-elements-ad14550bb07010b79fc22eb0ca4e129e\">Follow Brightmine on <a href=\"https:\/\/www.linkedin.com\/company\/brightmine\/\" target=\"_blank\" rel=\"noreferrer noopener\">LinkedIn<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The latest Brightmine data reveals the median basic pay award in the three months to the end of May 2024 was 4.6%, up from 4.5% recorded in the previous rolling quarter<\/p>\n","protected":false},"author":11,"featured_media":11311,"comment_status":"closed","ping_status":"closed","template":"wp-custom-template-new-resources","categories":[17],"tags":[],"topic":[26,43],"class_list":["post-6798","resources","type-resources","status-publish","has-post-thumbnail","hentry","category-press-releases","topic-benchmarking","topic-pay-trends"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Pay awards stand at 4.6% following the busiest period of the year for pay settlements | Brightmine<\/title>\n<meta name=\"description\" content=\"The Brightmine Pay Trends report for June 2024 reveals market insights into salary benchmarking across sectors in the UK. Stay in the know with this key data.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.brightmine.com\/uk\/resources\/total-rewards\/pay-trends\/pay-trends-june-2024-salary-benchmarking\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pay awards stand at 4.6% following the busiest period of the year for pay settlements\" \/>\n<meta property=\"og:description\" content=\"The Brightmine Pay Trends report for June 2024 reveals market insights into salary benchmarking across sectors in the UK. 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