{"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&p=6798"},"modified":"2026-04-27T16:31:01","modified_gmt":"2026-04-27T16:31:01","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
\n
\n
\n

by Brightmine<\/strong><\/p>\n\n\n\n

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

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

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’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

\n

\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

– Sheila Attwood, Senior Content Manager, Data and HR Insights, Brightmine<\/p>\n<\/div>\n\n\n\n

Latest rolling quarter findings<\/h2>\n\n\n\n

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