UK Industries with the Biggest Increase in Wages
Darryl Horn, Thursday, 18 May 2023 • 3 min read
Wages Rising in These Industries
A study by UK Trading platform CMC Markets has revealed the UK industries that have had the biggest increase in wages, with Mining and Quarrying coming out on top.
The study analysed the latest release from the Office for National Statistics, featuring results from their Wages and Salaries Survey since January 2000. It found that the following industries have seen the biggest increase in wages in the UK in the past year:
- Mining and Quarrying (12.95%)
- Administrative and Support Service Activities (12.66%)
- Professional, Scientific & Technical Activities (9.15%)
- Manufacturing – Chemicals and Man-made Fibres (8.00%)
- Information and Communication (7.95%)
- Financial and Insurance Activities (7.80%)
- Education (7.60%)
- Health and Social Care (7.50%)
- Arts, Entertainment and Recreation (7.25%)
- Accommodation and Food Service Activities (7.20%)
The study also found that the average weekly earnings in the UK increased by 6.8% in the year to January 2023. This was the highest annual increase in wages since 2009.
The increase in wages in these industries is likely due to a number of factors, including the rising cost of living, the shortage of skilled workers, and the increasing demand for certain goods and services.
The mining and quarrying industry has seen the biggest increase in wages due to the rising price of commodities such as oil and gas. The administrative and support service activities industry has seen an increase in wages due to the growing demand for these services from businesses and individuals. The professional, scientific & technical activities industry has seen an increase in wages due to the increasing demand for skilled workers in these fields. The manufacturing – chemicals and man-made fibres industry has seen an increase in wages due to the rising cost of raw materials and the increasing demand for these products.
The increase in wages in these industries is good news for workers, as it means that they are seeing their incomes rise. However, it is important to note that the increase in wages is not evenly distributed across all workers. Some workers, such as those in low-paid occupations, are not seeing their wages rise as much as others. Additionally, the increase in wages is not keeping pace with the rising cost of living, which means that some workers are still struggling to make ends meet.
Employers should take note of the industries that are seeing the biggest increase in wages when gearing up for pay reviews. By offering competitive salaries, employers can attract and retain the best talent and ensure that their businesses are successful.
Here are some tips for employers when gearing up for pay reviews:
- Research the market rates for similar positions in your industry.
- Consider the employee's skills, experience, and performance when making an offer.
- Be prepared to negotiate.
- Offer a competitive salary and benefits package.
- Make the process fair and transparent.
By following these tips, employers can ensure that they are offering fair and competitive pay to their employees.
#wages #payreviews #employers #employees
This article was first published on 18/5/23.