Thursday, August 3, 2023
The wages in the travel business have risen by 12.58 percent in the first half of this year, according to the 2023 H1 Travel Salary Index by C&M Travel Recruitment. The salary increases suggest a considerable rebound for the industry, with the average compensation for a new travel employment hitting £33,445 – a huge gain of 20.78% compared to pre-pandemic levels in the first half of 2019.
Increase in Compensation
According to the research, executive travel responsibilities have been the key driver of compensation growth, with a 17.03 percent salary increase in the first half of 2023 compared to the same time last year. Executives in the travel business now earn an average of £58,737 per year, up £8,548 from the beginning of 2022.
Rise of travel industry jobs
Standard travel jobs, on the other hand, increased by a more moderate 5.99 percent in the previous year, but nevertheless showed significant growth of 18.02 percent from the first half of 2019. The average wage for these positions is currently £29,290, up £1,655 since the beginning of 2022 and £4,473 since the beginning of 2019.
Rise of Compensation in MICE Industry
The business travel industry also saw a significant increase in compensation of 9.23% from the first half of last year, bringing the average new business travel employment income to £32,034 – a significant gain of 23.33% over the first six months of 2019.
A Drop in Recruiting Activity
Despite the pay increase, the travel industry saw a drop in recruiting activity during the first half of this year, with openings falling by 35% compared to 2022 and 16% compared to the beginning of 2019. However, the number of new candidates applying for travel employment increased by 20% compared to the same period last year and by 28% compared to the same months in 2019.
The considerable boost in compensation, according to travel and tourism industry experts, will be an intriguing element for potential applicants, removing one of the primary hurdles to drawing talent to the travel business. Wage increases are likely to enhance the industry’s attempts to recruit top employees and promote overall growth as the sector continues to recover.
Tags: travel industry, travel jobs
Saturday, April 27, 2024
