The UK is falling behind with annual average salary increases, according to new research which analysed the pay rates for countries over the past two decades.
With the pandemic meaning financial worry and pay freezes for many employees across the country, the research from payroll software provider Mitrefinch, found the UK ranks in 20th place for annual salary increases, behind Ireland, France and the US.
The data shows salaries have risen by 20% for full-time workers in the UK since 2000, compared to 35% for Ireland. Despite having the 7th highest real minimum wage at £7.56*, the UK is behind in rankings as neighbouring countries improve their salary offerings at a faster rate.
Latvian employees were found to have the largest annual salary increase, with salaries rising by 148% according to the most recent figures available. Workers in Lithuania have also experienced a high rise at 144%, with those in Estonia also seeing a rise of over 100% in average annual salary (138%).
The full results can be found below:
|Country||Rise in average salary|
Commenting on the figures, Julie Lock, Commercial Director at Mitrefinch said:
“The pandemic has meant financial worries for employees across the UK have amplified, with many concerned about losing their jobs or facing pay cuts. Many companies have implemented pay freezes over the past year, meaning employees have had to wait longer to receive a pay rise or promotion than they normally would have.
“The data shows us that although employees across the UK are benefiting from one of the highest hourly minimum wage rates, the increase of both this rate and annual average salaries for full-time employees has been slow in comparison to neighbouring countries.”
Jayne Harrison, Head of Employment Law at Richard Nelson LLP commented:
“The data shows average annual salaries in the UK are rising at a slower rate than many neighbouring countries. This is frustrating for many employees since house prices in the UK continue to rise at a faster rate than average salaries, causing major issues for young people in this country as they struggle to get into the property ladder.
“After being hit by the pandemic, employees across the UK are looking to be supported financially by their employers as the economy begins to recover. Many key workers like social care, supermarket and delivery staff are not currently paid the real living wage in the UK. With the key role these workers have played in the pandemic, we are expecting to see more of a push back on this over the next year.”
For the full results of this research, visit: https://www.mitrefinch.co.uk/blog/mitrefinch-news/salary-increases-uk-vs-row/
Spica Technologies awarded Innovate UK Grant to develop plug & play workplace app
Workplace experience software provider Spica were awarded the grant in November 2020 and will see the project through to completion in October this year. The grant was awarded by the UK Research & Innovation (UKRI) organisation. Spica’s application was one of those selected from thousands of applications to make advancements in their fields.
The case for funding cited industry experts and statistics on the gap between the importance of employee experience and the lack of digital tools being implemented to help improve this.
• 88% of business leaders rate the employee’s experience of their workplace as either important or very important, but only 22% report that they are using Digital tools to create differentiated employee experiences.
• “Employees look at everything that happens at work as an integrated experience that impacts life in and out of the workplace. They expect a better-designed experience where every element of their employee experience can be accessible and easy to use on their mobile device.”
Spica’s original workplace experience app, Luna, was initially launched in 2019, with a strong focus on a bespoke and customised nature, working closely with their customers on design and development activities for new modules. Global clients have praised the firm for this approach with Clament Lijoy, Global Real Estate Technology & Innovation at EY stating “The digital workplace transformation journey with Spica through the last 3 years have been extraordinary. The team was able to rise to the challenge and provide industry leading smart building capabilities tailored to the unique requirements that we had.”
However Spica realised they could take their wealth of experience in delivering employee experience apps out to a wider market, providing an “off-the-shelf” version of Luna with established best practices, standardised modules and customisation controls built in. The application cited “a need for solutions to this problem that are available to companies of all shapes and sizes”. This new approach reduces initial setup and maintenance costs and offers employee experience benefits to a wider audience.
This project will look to incorporate technologies like indoor positioning, IOT sensing, gamification, and machine learning to deliver an exceptional digital workplace experience. The proposed outcomes for users within the winning application were improved productivity and removing workplace frictions such as finding assets and resources, reporting workplace issues and accessing amenities. Ultimately culminating in enhancing employee wellbeing and sustainability goals of the built environment in which the business operates.
Project Manager and Spica Chief Technical Officer Paul Collins said “The support of Innovate UK (UKRI) has helped us significantly accelerate our research and product development plans in this area. With post COVID return to work at the top of the agenda, there is a surge in demand for digital tools like Luna to help businesses of all shapes and sizes provide a safe, healthy, productive, collaborative and enjoyable working environment.
A major focus of the project has been on reducing the time it takes to get tools like
these installed and up and running, as we recognise that businesses need help right now in preparing for people coming back into the workplace.”
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Credit Suisse to hire over 1,000 in India
Credit Suisse plans is gearing up to expand its team of information technology experts in India, by at least a 1,000 in 2021. Clearly, the Switzerland-based global financial services company and investment bank is serious about establishing India as a centre for technology innovation across the bank globally.
The new hires will comprise developers and engineers with talent in emerging technologies, such as cybersecurity, data analytics, cloud, API development, machine learning and artificial intelligence that are anchored in Agile and DevOps delivery methods, to support the Bank’s digital aspirations.
Over the last three years, Credit Suisse has hired 2,000 IT people in India. It has been focussing on nurturing local leaders within India IT and basing global roles in the country that have accountability and ownership for end-to-end delivery of IT solutions and services to the Bank’s businesses worldwide. Not surprisingly, India accounts for almost 25 per cent of the Bank’s global IT staff, which is the largest footprint of any Credit Suisse location globally.
John Burns, head India IT and senior franchise officer, Credit Suisse, Pune, says, “This year’s hiring plan highlights our continued commitment to India, particularly to Maharashtra, and supports Credit Suisse’s vision to establish our operations here as a global technological hub. To support the growth of our IT presence in India, we believe empowering our employees to lead global delivery and drive innovative solutions enhances value creation and productivity for the bank globally.”
Prashant Bhatnagar, global head of experienced recruiting for technology, reveals that the Bank wishes to “attract the best IT talent to join its vibrant community of professionals.” He goes on to share that the Bank provides its employees with a “dynamic environment that fosters skills development and knowledge-sharing” and “provides opportunities for engineers and developers to be at the forefront of technology and innovation.”
As part of its recruitment programme to attract the best technology talent, the Bank hires from premier engineering and management colleges across India, with a focus on entry-level talent who have up to a year’s experience. Credit Suisse offers an intensive Technical Analyst (TA) Programme, that targets the best applicants from top tier technology schools. Nearly 100 TAs across the 2-year rolling programme are able to gain exposure to the latest technologies within an environment that fosters building of knowledge in financial services. Credit Suisse is committed to its diversity and inclusion agenda too. With over 40 per cent women, the programme offers opportunities to high-quality female technology talent. These TAs have the opportunity to organise large-scale global events held by the Bank such as CodeIT Suisse and Global Coding Challenge, hosting almost 20,000 participants from the best universities across the world.
The Bank has committed INR 7.5 crores to provide assistance to hospitals in Mumbai, Pune, Delhi and Bangalore for obtaining critical medical supplies. Together with its staff, the Bank has managed to raise over INR 2.8 crores till date, for GiveIndia’s Covid Response Fund.
Family Assistance Policy for dependents of Mahindra staff who die of COVID-19
Mahindra & Mahindra has assured that the family of any employee who loses a battle with COVID-19 will receive salary for the next five years. This is in addition to the one-time payment of twice the yearly compensation which will be paid to the immediate dependents of the deceased.
This is part of the recently announced ‘Family Assistance Policy’ which is a huge financial support and reassurance to the employees in these challenging times.
The Company has also promised to pay up to Rs 2 lakh per annum towards funding the education of the children of the deceased staff member, up to class 12.
This reassurance has been given to the employees by the CEO of the Company in an official letter.
Mahindra & Mahindra has already inoculated almost all the members of its workforce, who are above the age of 45 years. This feat was accomplished by the end of April 2021, well before a vaccine shortage hit the country.
The Company is also covering all the hospitalisation expenses of the employees who require medical aid. It is offering a daily allowance of Rs 1,000 to help with the miscellaneous expenses incurred by the employees undergoing treatment. The expenses incurred in treating and hospitalising immediate family members or dependents of the employees are also covered by the Company.
Depending on the situation and the need, it extends support to other family members too, as per its policy.
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