After a pay freeze for the last two years, professional salaries in the UK will enjoy a significant increase in 2020.
It is estimated that the increase will be at least 3%, making it more than the inflation rate in 2020.
The highest pay increase will be in the Midlands, followed by the North, the South East and Merseyside.
With Britain formally leaving the EU on 31st January 2020, the uncertainty has been resolved and this will boost business confidence.
As a result, businesses will be more open to increasing wages and salaries.
However, the slowest salary growth will be in London.
A recent study conducted by a leading recruitment agency has found that the pay increase will be higher than the national average for professionals working in procurement, legal, accounting and finance, technology and marketing roles.
If you are a procurement interim, then there is good news on the horizon.
The study found that the highest pay increase will be for contractors working in procurement, followed by supply chain and marketing.
Contractors working in procurement can expect an increase of about 8% in their day rate, while those in supply chain and marketing will receive approximately 5% and 4%, respectively.
Salaries in HR, logistics and banking will not witness a major hike as trends show that the increase will be marginal, about 1% to 2%.
While 2019 was steeped in uncertainty and instability because of Brexit, recruitment trends did not wane, and the technology and fintech sectors attracted significant VC funding.
Even property, professional services and certain verticals in the banking sector witnessed an increase in recruitment.
If you are a procurement professional or procurement interim, then a job change could be just what you need to benefit from the salary hike that this sector will enjoy.