Author: Louise Haines, Managing Director at Henley Reward Consulting
As we enter 2022 there is an overwhelming agreement across the social housing sector that any pay award will be greater than last year. And this echoes the wider market where UK employers are expected to be agreeing much greater pay rises in 2022 given the restricted pay increases following the onset of the pandemic. This however is set against the news this week that average pay rises are failing to keep up with the rise in cost of living.
At the end of 2021 XpertHR saw wage settlements holding steady at 2.0% for the seventh consecutive rolling quarter, but had stated that more than four-fifths of private sector employers expected to increase pay at their next annual review, with the median award set to rise to 2.5% in the year to the end of August 2022, up from the previous year’s median of 1.6%.
Willis Towers Watson back in August 2021 also predicted a greater pay award hike of 2.9% for 2022 amidst signs of strength in the labour market following the turmoil of the global pandemic.
Looking into the Social Housing market, a survey conducted by Henley Reward Consulting at the end of 2021 investigating the pay award predictions for 2022 found that although the majority of Housing Associations had not had their pay awards formally agreed, 32% stated that their award would likely be between 3.0% – 3.5%, with 24% of the sample seeing an increase of 2.5% – 3.0%. This is in contrast to the average pay award for 2021 from the sample being at 1.4% across the sector.
Where a pay award is still to be decided, what will the likely award be for 2022?
To find out more about the up and coming pay trends within the Social Housing market please click here to view the full report: Pay Award Review 2022 for the Social Housing Sector | Henley Reward Consulting
Note: Henley Reward Consulting is a specialist provider of research led remuneration benchmarking, reward insights and D&I evaluations for Executive and organisational wide functions, to support the development of robust people strategies. We understand the importance of real time data and how data can support an organisation through its journey. For more information please visit: Henley Reward Consulting