Redundancy rates for the UK's senior executives are at their highest level for 7 years according to a new report.

The report published by the Chartered Management Institute and salary survey specialist CELRE, surveyed 40,027 individuals and revealed a redundancy rate of 3% among HR executives, up from 1.4%, last year.  

The 2008 National Management Salary Survey also showed an increase in the average movement in earnings.  
 
The report also found that junior executives in the HR sector enjoy higher pay rises (6.2%) than managers (5.1%)

They also earn £21,643 per year. This is more than their counterparts in transport and logistics (£21,643) and food and drink (£18,942)

Despite the weakening economy, resignation rates are 7.3% across the HR sector - compared to 5.3% last year.

Jo Causon, director of marketing and corporate affairs at the Chartered Management Institute, says: “Increased levels of pay are clearly not enough to retain employee loyalty despite the uncertain economic climate.  Given the skills crisis, it is worrying to see so many executives voting with their feet. This must surely send a message to employers that, to retain the best talent, they need to address working environments and long-term career aspirations.”