Over the coming year, economic growth will provide a boost for confidence among employers and their staff, according to KPMG.
In a recent report, the professional services firm predicted that pay freezes, frustration over the lack of bonuses and concerns about job insecurity will diminish.
As a result, discourse between organisations and workers is set to be dominated by the topics of reward, recognition, results and retirement, according to KPMG.
Ingrid Waterfield, director in the firm's 'people powered performance' practice, pointed out that the economic adversity of recent years has made wage growth a rare phenomenon, but gradual improvements in the jobs market could see financial rewards making a comeback as businesses try to retain their most valuable employees.
As a result, 2014 could be remembered as the year "pay rises came back into fashion".
However, Ms Waterfield stressed that employers need to consider other ways of incentivising their labour force, possibly through provisions such as flexible working or new staff rostering arrangements.
She said: "Many employees want recognition for the contribution they make in ways that go beyond a monthly paycheque.
"No one can argue that pay is unimportant, but for some the total value is important, meaning that unless employers offer a broad range of incentives they will struggle to attract, retain and motivate staff in the year ahead."
Another recent report, from the Confederation of British Industry (CBI) and Accenture, indicated that 51 per cent of firms expect their workforce to expand in the coming year, but most are retaining a cautious approach to pay rises.
Four out of ten (39 per cent) organisations surveyed were planning wage growth below the retail price index (RPI) measure of inflation, or restricting increases to certain staff.
Only seven per cent had plans to raise pay by more than RPI.
Another conclusion in the CBI/Accenture study was that flexible employment practices such as using agency staff and zero-hours contracts are crucial to job creation in the UK.
