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So, how has the pandemic affected companies and has there been a knock-on effect for workers? In a recent survey conducted by Search, we spoke to thousands of candidates and companies to get a true feel for the state of salaries in 2021. Of those surveyed, 55% expect salaries to increase, and a further 43% anticipate they’ll remain stable, whilst only 2% are at risk of implementing reductions.
The future looks bright for scientific, engineering & manufacturing, construction and financial services, which are some of the industries most likely to implement a pay increase in 2021. However, on the flip side, hospitality and business support are within the industries least likely to implement a pay increase, undoubtedly due to government restrictions which lead to venue and office closures and put pressure on these roles over the past 12 months.
Which industries are most likely to implement pay increases in 2021?
Scientific – 94%
Engineering & Manufacturing – 91%
Construction – 80%
Financial Services – 80%
Sales – 75%
HR – 54%
Health & Social Care and Social Work – 50%
Legal – 50%
Marketing – 50%
Call & contact centre – 30%
Industrial, Logistics, Procurement, Supply Chain, Transportation – 29%
Accountancy & Finance – 24%
Business Support – 12%
Hospitality – 11%
Whilst many workers faced redundancies or furlough as companies manned down, others had to step up, taking on the roles and responsibilities of colleagues in addition to their workload. In many cases, employers found that despite the reduction in headcount, the company performed as effectively as before and made the decision to not refill these roles. If this sounds familiar and you feel your role has changed, you may well now be in a position to ask for a pay rise to reflect the additional effort and responsibilities you have taken on.
To find out the salary range and typical salary for your job title and to discover how your salary compares, alongside the most in-demand benefits and most competitive roles, download our 2021 Salary & Benefits Guide today.