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Senior salary turbulence as talent-led market comes to a close

Wage inflation in 2021/22 comes back to bite mid and senior pay packets in 2023.

“The UK saw a hike in inflation, resulting in increased cost of living, and pay rates have struggled to keep up. Many hiring decisions were put on hold so it's unsurprising that we've seen less growth in salaries compared to previous years.”

Aliza Sweiry Managing Director, Aquent UK

A recent article in Campaign highlighted some of the key details of Aquent's 2024 Salary Guide, including the fact that senior pay's upper limits have slipped by an average of 2%. While that might not sound like a lot, it's a significant sum – particularly during a time when rising inflation is already eating into employee pay-checks. They go on to make reference to historic salary data published by Aquent referencing 21% increase in pay for senior art directors in 2021, during a time with a talent-shortage. In simple terms, it looks like a large portion of falling or slow-growing salaries are as a result of levelling out after great leaps during and post-pandemic.

This article originally appeared on Campaign.

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