UK employees have the lowest pay increase expectations of any workforce around the world, according to new research by the Corporate Executive Board (CEB).
Its Global labour market survey: a view of Q4 2012 workforce trends, which polled 18,000 employees, found that the UK was followed closely by Belgium, France and Spain in terms of low pay expectations.
On average, global employees expected their salary to increase by 4.7%, peaking at 14.9% in Brazil and 13.7% in India, while UK respondents are hoping for increases of only 0.8%.
These figures increased to 0.9% in France, 1% in Belgium and 1.3% in Spain.
The research also found:
- European recruits switched jobs for the lowest pay increases globally at the end of 2012; just 8.2% compared to a global average of 15.7%.
- Compensation ranks as the top driver when evaluating new job opportunities globally, while workforces across the UK are trying to find the balance between their work and personal lives, with a better work-life balance ranking as the top driver.
- Globally, 31% of respondents said they expect engagement declines to continue into 2013, up from 28% who said the same in the third quarter of 2012.
Clare Moncrieff, senior director at CEB, said: “Europe’s economy isn’t in the best shape, which isn’t a surprise to any of us, but is evidenced by CEB’s recent data.
“For example, UK employees have the lowest pay expectations around the world, expecting their salaries to increase by just 0.8% compared to the global average of 4.7%.
“However, this tough environment can be a benefit to organisations looking to trade up on talent. CEB also found that European recruits switched jobs for the lowest pay increases globally in the fourth quarter of 2012; just 8.2% compared to a global average of 15.7%.”