New survey warns Brexit concerns could squeeze pay budgets of Peterborough's employers
The pay budgets of employers in Peterborough are expected to fall this year because of Brexit uncertainties, a survey has warned
Experts warn that there is likely to be a 0.3 per cent drop this year in the amount of money Peterborough firms earmark for staff pay compared to 2016.
According to the Peterborough UK Reward Management report pay budgets will fall from 2.3 per cent last year to two per cent in 2017.
The report’s authors blame Brexit uncertainties and inflation for the expected drop.
The survey is based on data provided by Peterborough businesses taking part in the UK-wide Reward Management survey, which is produced jointly by Paydata and Anne Corder Recruitment, of Peterborough.
Twenty-five local businesses from a variety of sectors and with employee numbers ranging from 10,000 to less than 20 took part.
Tim Kellett, director at Paydata, said: “The expected drop in pay budgets amongst Peterborough businesses echoes a similar, national decrease – all of which is set against a background of Brexit uncertainties and rising inflation.“
The Peterborough report also asked business leaders for their opinions on the gender pay gap reporting and the new apprenticeship levy.
Mr Kellett said: “The majority of Peterborough business stated they did not anticipate issues to arise as a result of gender pay gap reporting. It will be interesting to benchmark these sentiments again in 2018.”
Anne Corder, owner of Lynch Wood-based recruitment agency Anne Corder Recruitment, said: “The survey is a crucial tool for participants, allowing them access to the local data they need to ensure their salaries and benefits are competitive.”
The report comes ahead of the release of the annual Greater Peterborough Salary Survey, which is set to be bigger than before with a wider scope of salaries and roles included.”
Employers who would like to take part in the 2017 Salary Survey to gain access to the full data should contact Anne Corder Recruitment on 01733 235 298 or visit annecorder.co.uk