New research from Reed has revealed that salaries in the hospitality sector are bouncing back from previous years, with a 7.3% increase, after experiencing a drop in salaries the previous year (-3.5%).
From an analysis of six million jobs posted on Reed.co.uk over the last three years, as part of Reed’s suite of annual salary guides, it’s clear that the hospitality sector is showing some resistance to the financial challenges it has experienced over the past few years.
The data from Reed’s salary guides also reveals that the hospitality sector has seen the biggest pay increase in the past year amongst other industries, compared with the IT and cyber security sector, which has the least salary increase, an average of 2.4%.
Sam Baldwinson, Hospitality Recruitment Expert at Reed, commented: “In recent years, the hospitality sector has undergone significant transformation, driven by technological advancements, changing consumer behaviours and global events.
“It’s been a tough period for many businesses in the sector. Supply chain disruptions and rising costs have put pressure on profit margins, leading to tough decisions for business owners – with many still reeling from losing good staff. With predictions suggesting the industry’s recovery will continue beyond 2024, recruiting and retaining skilled staff looks set to challenge many employers.
“Employers in the sector should take time to invest in tech, updating their knowledge and systems and focus on attracting workers who show a willingness to learn relevant skills. Entry-level positions are likely to see a boost, while experienced professionals can expect incremental raises.
“By providing continuous learning opportunities, employers can empower employees to adapt to evolving industry trends, ensuring their expertise remains relevant and valued.”
Reed’s hospitality salary guide also gives insights into the performance of all regions in the UK within the hospitality industry. The areas in the UK that have had the biggest salary increases in the sector are the West Midlands (13.5%) and London (10.5%).
Reed has produced a suite of 16 sector-specific salary guides, which include an in-depth analysis of a survey with 5,000 UK workers, assessing their current and preferred salaries and benefits, their organisation’s performance and priorities, how they rated their job security and the future of their sector, and the key recruitment and skills trends they’re witnessing.
You can download the hospitality salary guide here.