Expected 2009 pay rise for Housing Association employees drops almost 30% in six months.

The recent economic downturn has had a significant impact on pay budgets in the housing sector, with associations cutting the estimated average pay awards by almost 30% since the autumn.

A recent survey from Smith & Williamson, the accountancy and financial services firm shows that the reward expectations in housing associations have dropped by almost 30% in the past 6 months. The highlights from the survey include:

• The median expected pay increase in 2009 is now 2.5%, down from 3.5% recorded in their November 2008 survey.
• The average predicted pay rise is 2.6%, down from 3.8% in November 2008.
• Responses ranged from no pay increases up to an expected rise of 5.5%.

Rachel Stone, partner at Smith & Williamson explains: "For our Housing Association Executive Reward Survey 2008/09, we invited housing associations to respond to a broad range of questions, including a number of questions relating to their 2009 pay review process. The data was collected before the economy downturn, so we felt that their pay expectations for 2009 were likely to have been reviewed and their plans re-shaped. To ascertain how far the pay landscape has changed, we sent an e-mail survey to 820 housing associations in the UK asking what they expect their average pay rise to be in 2009."

About the survey 90 housing associations responded to the email survey. They represent a cross section of the different sizes, both in terms of turnover and number of people employed, of associations. The data was collected between 29 January 2009 and 6 February 2009.

The 12-page report, ‘Facing up to a changing landscape' is available to purchase for £50 plus VAT.

For further information contact

Rachel Stone, partner, People Management at Smith & Williamson on
0117 376 2066
rachel.stone@smith.williamson.co.uk

Karl Ellis, HR consultant at Smith & Williamson on
0117 376 2082
karl.ellis@smith.williamson.co.uk

PR enquiries to:
Jess Koslow 0207 131 4264 or jess.koslow@smith.williamson.co.uk
Kate Harrison 0207 131 4228 or kate.harrison@smith.williamson.co.uk

Disclaimer
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.

Note to editors
Smith & Williamson is an independent professional and financial services group employing over 1,500 people. The group is a leading provider of investment management, financial advisory and accountancy services to private clients, professional practices and mid-to-large corporates. The group operates from offices in London, Belfast, Birmingham, Bristol, Dublin, Glasgow, Guildford, Maidstone, North London, Salisbury, Southampton and Worcester.

Smith & Williamson Limited Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International.

Smith & Williamson Financial Services Limited
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