Pay Transparency: Benefits and Challenges
20 June 2024
Is there anything more frustrating than finding a great role that offers a ‘Competitive salary’? What does that phrase even mean? Competitive for the town, the market, or the current employees? For people with a certain skillset? The wording immediately puts us on edge, arouses suspicion that candidates may be treated differently, and is a perfect example of non-transparency.
The General Election manifestos and what they mean to Reward
Holly Coe | 20 June 2024
Ahead of the General Election on July 4, the manifestos are out and whichever party wins, it looks likely that some clear changes will come into effect that could have a major impact on the reward landscape.
Communicating the deal on Benefits: what stops us landing critical messages?
Justine Woolf | 13 June 2024
We spend a lot of time and money on our benefits packages. According to Boundless, the typical UK company spends between £100 and £200 per month per employee with a medium-sized business providing on average 30 benefits or wellbeing initiatives to support staff. We provide support for mental health via EAPs. We give access to healthcare professionals via cash plans, online GPs or private medical schemes. We enable discounted purchasing through Salary Sacrifice technology, retail discounts or own-brand discounts. And yet according to Vitality, only 30% of employees know what’s on offer. Why?
Can skills-based pay work?
Sarah Lardner | 07 June 2024
Becoming a skills-first organisation means identifying the skills relevant to work and matching people with the required skills to the tasks at hand. The simple answer is that yes it can be done, if it is done correctly: matching employees to those skills and remunerating based on that requires a considered approach.
How to streamline pay review and take away the pain
Holly Coe | 29 May 2024
Pay Transparency | Pay Review | Pay
Pay review for most businesses takes place annually, usually effective at the beginning of a new financial year. When employees receive a letter or email confirming a pay change, it is a notable ‘event’ in any company’s year, and one which many people both look forward to and rely upon.
Quarterly Focus: Pay Review Lessons
Simon Cook | 24 May 2024
The first quarter of the year provides the initial indications of the year ahead with January and April pay settlement announcements. With the majority of pay reviews concentrated in this early part of the year, alongside increases to the government’s minimum wage levels, it provides a clear steer for the year ahead. Drawing on our insights from across sectors from our clients, we have summarised the key lessons from this year’s pay reviews.
Our Q1 Quarterly Insights are here!
Simon Cook | 23 May 2024
Pay Progression | Pay Review | Quarterly Insights
QUARTERLY REPORT This quarterly report draws together the latest insights on pay and reward across a range of sources. It outlines current analysis and future forecasts based on available data to support employers. There is also a particular focus this quarter on the lessons from 2024 pay settlements. The initial pay settlements in the first quarter of this year, coupled with decisions taken by remuneration committees for pay budgets, provide a clear sense of direction for pay in 2024. Based on our findings, we examine the key lessons for HR and Reward professionals to take forward as part of pay planning.
Reward Accessibility - What can we do to make it better?
Holly Coe | 17 May 2024
Nowadays employment benefits are no longer seen as a ‘nice to have’ but as an essential part of the total reward package. Sometimes they can even be the deciding factor in recruiting or retaining talent when compared with competitors. Here are some key points worth considering when looking at making our reward offerings as accessible as possible.
Are you a triangle or a diamond? Four steps to understanding & using organisational design
Sarah Lardner | 07 May 2024
Reward Consultancy | Reward Intelligence | Organisational Design
Do you know the 'shape' of your organisation? In this blog, Sarah Lardner explores the value of Organisational Design and shares the steps to getting the right people with the right skills, the right roles and levels. Will your current OD shape align with your aspirational one...?
Meet the Team - Sarah Nash
02 May 2024
Sarah shares her experience of how Reward has changed in the last 9 years of her being at Innecto. Click here to read more about her journey and what excites her the most about her role.
Pay Benchmarking: Best Practices and Strategies
Lisanne Winter | 02 May 2024
In today’s competitive business landscape, organisations are striving to attract and retain top talent while ensuring fair and competitive compensation practices. In the interests of balancing the books and maintaining a strong foothold in the market, one crucial piece in this tricky jigsaw is pay benchmarking. This invaluable process provides insight into industry standards and helps organisations of all sizes make informed decisions regarding compensation.
Meet the Team - Stephanie Meech
Stephanie Meech | 30 April 2024
Introducing Stephanie Meech, our next feature in the Meet the Team Series! Learn what initially drew Stephanie to a career within Reward and what excites her the most about it.
