Insights : Innecto Reward Consulting

The future of Pay benchmarking – is real-time data worth using?

Paying workers at a level that is seen to be fair and competitive is vital for any company or organisation wanting to succeed. It is a key cornerstone to attracting and retaining strong talent.

Posted by Mark Macoun on
08 November 2024

Pay Benchmarking: Best Practices and Strategies

Pay benchmarking | Pay

In the modern business world organisations are striving to attract and retain top talent with competitive, fair and transparent compensation practices. One crucial building block in this is Pay Benchmarking, which provides insights and comparisons into industry standards and norms, and helps organisations make informed decisions.

Posted by Amin Uddin on
01 November 2024

Top tips to boost your recognition scheme on a budget

Recognition | Hapi

A Recognition Strategy is a great way to keep employees motivated and engaged and does not need to break the bank. Here are some low-cost ideas for establishing a scheme and helping it achieve its potential.

Posted by Sarah Lardner on
25 October 2024

Addressing burnout and wellbeing through reward

Communications | Recognition | Reward | Hapi

Every company wants to look after their employees while also appealing to their better nature. A competitive salary is important but enduring happiness at work relies on employees feeling valued and respected. It is how we bring the best out of people and it is how we inspire and maintain a willingness to work hard.

Posted by Holly Coe on
18 October 2024

The Future of Performance-Based Pay Schemes

Long Term Incentives | Performance Related Pay | LTIP | Pay

Employee motivation is crucial to any organisation because it helps kick-start or maintain a desired level of engagement, productivity and performance. Regardless of their role or level, workers who feel motivated are more likely to invest in the long-term goals of a business, take an interest in the setting of those goals and contribute to meeting or surpassing them.

Posted by Sarah Lardner on
11 October 2024

Business services roles in Law – helping firms value the undervalued

Evaluate | Pay Structure | Job evaluation

Historically and perhaps understandably, much of the focus in law firms has been on fee-earning roles. It has been more of a challenge for HR departments to implement formal reward structures for Business Services roles. Now, though, this whole area is being driven up the agenda by challenges in recruitment and retention as well as legislative and social pressures.

Posted by Justine Woolf on
03 October 2024

What is Intersectionality and how does it apply to the Pay Gap?

Gender Pay Gap

The pay gap regulation is currently relatively simple: it looks at the difference in average earnings between men and women. While this is a start, the average does not begin to account for variation across different groups. In short, it is too simplistic.

Posted by Sarah Lardner on
26 September 2024

Seven Strategies for rewarding High-Potential Employees

Reward | Variable Pay

Employees with high potential are worth fighting to keep and the best way we can do that is by setting out and communicating a reward framework that is able to measure and reward them with both salary and variable pay. Here are my seven key points.

Posted by Spencer Hughes on
20 September 2024

2024 Paris Olympics – The value of a medal and the changing landscape of incentive and recognition

Reward

With Paris 2024 behind us, the postmortems will now begin on the world’s grandest sporting fortnight, including Olympic medal hauls, new-found global recognition and, for some, prize money.

Posted by Mark Macoun on
13 September 2024

Four-day week: welcome flex for workers or dangerous balancing act for companies?

Flexible working

The new labour government recently re-opened the lid on the four-day working week, and have made some fairly loud noises about moving forward with additional legislation. More detail is expected in the autumn when a law for a new package of workers' rights could be brought to parliament.

Posted by Sarah Lardner on
10 September 2024

Top 5 things to consider during this year’s pay review process

Pay Review | Advance | Pay

Budgeting for pay reviews can mean ploughing through an overwhelming raft of data for organisations but there are simple steps and tools available to take the stress away

Posted by Justine Woolf on
06 September 2024

How to ensure your reward strategy enables progression and supports careers

Reward Strategy | Reward

When setting out to design a reward strategy, many companies will start with their core principles which tend to be fairly generic in nature: ‘We will reward people for the work they do and how well they do it’. ‘We will stay competitive in the market’.

Posted by Justine Woolf on
30 August 2024

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