Bosses budget for inflation-linked rises while freezing own pay.
It would appear that workers in the UK jewellery industry are set to get meagre pay rises over the next year if any at all, while most jewellery bosses will freeze their own pay or cut their wages.
In a spot poll of attendees at the CMJ’s UK Jewellery Conference it was revealed that 46.6% intend to give pay rises to staff in line with inflation, while 39.7% intend to freeze or cut staff wages. Just 13.8% said that they intend to give inflation-busting pay rises.
When polled about what they would pay themselves, the jewellery bosses at the conference painted a darker picture with 56.9% claiming that they intent to freeze or cut their own wages. The minority, 19.4%, said that they intended to give themselves inflation-busting pay rise and 23.6% said that they would give themselves an inflation-linked raise.
The manufacturers and retailers at the conference were also quizzed about staff training, with 10.3% saying that they will spend no money on staff training in the next year. Of those still willing to invest in staff training, the majority was split with 26.8% saying that they would spend £1,000 or less on staff training and 26.6% claiming to plan to spend between £2,000 and £5,000.
This was followed by 11.3% who said they intend to spend more than £10,000, 11.3% who said they will spend between £1,000 and £2,000, and 5.2%aiming to spend between £5,000 and £10,000, with the remaining 8.3% unsure.
To account for the size of businesses versus the investment in training, the crowd were also asked how much they intend to spend per staff member. The majority, 40.5%, said that the figure will be £300 or less. This was followed by 28.1% who said it would be between £300 and £750, 10.1% claiming the figure will be between £750 and £1,000, 4.5% planning to spend between £1,000 and £1,500 and 5.6% intending to spend £1,500 per staff member.