Salary
awards for managers edged up during the three months to January 2003, reversing
six months of steady deceleration.
In
the quarter to January, private sector management salary rises were running at
an average of 3.2 per cent, compared with 2.7 per cent during the previous
three months.
The
latest issue of IDS Management Pay Review also shows:
The
highest average awards, at 3.8 per cent, were in the finance sector, followed
by other service sector companies at 3.4 per cent. Average awards in
manufacturing trailed behind at 2.9 per cent
The
greatest fluctuations in fortunes were experienced by board members, ranging
from a 17.5 per cent salary cut imposed at one firm to rises of 10 per cent
plus at a handful of other organisations. Overall, almost one-in-six salary
reviews for directors resulted in a pay freeze
Around
a fifth of the companies surveyed paid a bonus during the period, with a median
payment worth 5.4 per cent of salary.
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