This year has seen a number of businesses freezing their workers’ pay, yet despite this, new research has revealed that employee satisfaction levels have doubled.
According to the Chartered Institute of Personnel and Development (CIPD) survey, in the last year there has been a 17 per cent fall in the number of Britons receiving a pay rise, from 67 per cent to 50 per cent.
Furthermore, 41 per cent of workers are now subject to a pay freeze, up from 24 per cent in 2008.
However, while last year the number of people reporting to be satisfied with their salary stood at 31 per cent has now risen to 62 per cent, the report revealed.
Charles Cotton, reward adviser at the CIPD, said: “It’s good to see that pay rises are being more appreciated by employees, especially under the current economic climate.”
He added that a pay rise and how it is communicated could act as recognition of the hard work and achievements of a business’s employees and that satisfied workers will be less likely to leave.
Meanwhile, the Confederation of Business Industry and KPMG recently revealed that businesses in London are feeling increasingly optimistic about the future, despite 53 per cent of respondents having been forced to make redundancies during the recession.