Yahoo Finance Two in five Brits expect pay rise in next year despite COVID-19 induced recession
Two in five Brits expect a pay rise in the next year, despite the country going into a recession due to the COVID-19 pandemic, research suggests.
Of 1,100 UK professionals surveyed by job board CV-Library, 41% said they believe they will receive a raise at some point over the next 12 months.
Interestingly, women are more likely to expect an increase in salary, at 42%, compared to men, at 41%, the study found.
Younger generations are also more likely to feel this way. Three in five of 25 to 34-year-olds expect a pay rise in the coming year, making them the most confident. They are followed by workers aged 18 to 24-years-old, with nearly half (45%) expecting a pay increase.
The study also found professionals are more likely to expect an increase in key cities, such as Liverpool (71%), Aberdeen (60%), Edinburgh (55%), Exeter (55%) and Sheffield (53%).
While many Brits expect a pay rise in the next 12 months, less than a fifth (19%) believe they’ll be offered a promotion during this time.
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Of these, younger generations are once again most confident. Two in three workers aged 18 or under expect to climb the ranks this year. They are followed by two in five (39%) 18 to 24-year-olds, and nearly a third (30%) of 25 to 30-year-olds.
However, those expecting a pay rise or promotion should remain realistic with their expectations CV-Library founder Lee Biggins warned.
Biggins explained: “It’s understandable that professionals are looking to regain some of their lost income in the coming months, particularly if they’ve been placed on furlough.
“However, the government’s Job Retention Scheme will come to an end in October and a second wave of the virus could make the job market even more competitive in 2021.”
“Many businesses have struggled during this difficult time and may not be able to offer you exactly what you want.
He added: “That said, it’s still possible to secure a great offer. Just be sure to go to your manager with clear justifications and evidence for why you deserve that pay rise or promotion.”
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The study also found that over half (51%) of currently unemployed Brits are confident they’ll land a new job in the next three months.
The younger generations continues to be the most confident, with more than three fifths (64%) of those aged 18 or under expecting to find a role in this time frame. They are followed by 61% of 25 to 34-year-olds, and 60% of 18 to 24-year-olds.
Biggins said: “Young professionals have a great deal of confidence in the job market, which is refreshing given that we know they’ve been hit hard by the pandemic.
“But, while we are seeing an increase in the number of job opportunities available, job seekers may find that there is more competition for top roles.”
“If you’re looking to find a new job, it’s vital that you do your research, prepare carefully and update and tailor your CV for every application. This will enable you to stand out from the crowd and secure your dream role.”
