Insights : Innecto Reward Consulting

How to adapt your reward strategy to reflect shifts in work patterns

Employee engagement | Flexible working | Hybrid Working

Hybrid and home working provide a host of benefits as well as shortcomings, and employee expectations with regards to this have changed because of Covid. So how can companies adapt their reward strategies to reflect that?

Posted by Mark Macoun on
29 September 2022

Cost of living: A blend of measures to help navigate your way through

Reward | Flexible Benefits | Cost of Living

Post-Covid, we are experiencing the largest spike in inflation for 30 years, forecast to peak close to 11 percent in the fourth quarter of 2022. Earnings are expected to rise by six percent this year but, with prices settling at a higher level relative to incomes, real household incomes are forecast to fall by 2.5 percent in 2022. More telling still, they will probably remain 7 percent below where they were pre-Covid until 2026 or beyond.

Posted by Sarah Lardner on
22 September 2022

Thought leadership: our key messages to business leaders

Leadership

Much of Britain is preparing for a long, hard winter. Coming off the back of the pandemic and the ‘Great Resignation’, the current cost of living crisis is threatening to take millions of employees – and countless businesses – beyond their stretching point in the coming months. As the UK gets accustomed to a new Prime Minister, we asked some of our consultants for their messages to company leaders in these testing times.

Posted by Innecto Reward Consulting on
16 September 2022

20 years in Reward: how the landscape has changed since 2002

Reward Consultancy | Pay & Reward | Reward Strategy | Reward

On Innecto’s 20-year anniversary, Director of Consulting Justine Woolf reflects how the landscape of pay and reward has changed since 2002.

Posted by Justine Woolf on
12 September 2022

Three essential areas to address around pay gaps and equality

Instances of unequal pay can manifest all too easily, but they can also be guarded against by putting checks and balances in place and maintaining those with regular auditing. My three main areas to focus on when considering pay gaps and inequality are pay structures, annual pay review and pay policy.

Posted by Emer Bucukoglu on
02 September 2022

How to use non-monetary forms of reward as an alternative to bonuses

Inadequate total compensation can be a contributing factor to people leaving their jobs and sometimes there is no magic wand that non-monetary reward can wave. Having said that, it can significantly enhance any company’s offering, allow you to express your culture and demonstrate how you would like to treat your employees. Here are some key ways to work non-monetary reward into your overall package.

Posted by Spencer Hughes on
26 August 2022

How to address the Great Resignation through employee benefits

Coming out of the pandemic, data on the Great Resignation around employee discontent and ultimately turnover is very mixed. Some organisations looked after their employees during Covid, kept them connected, allowed them to work remotely and showed concern for their wellbeing.

Posted by Lisa Trewhitt on
18 August 2022

How to reverse the broadening of gender pay gaps caused by the pandemic and narrow them further

Gender Pay | Gender Pay Gap | Gender Pay Reporting

According to the Office for National Statistics’ own data, the Gender Pay Gap (GPG) stood at 27.5% in 1997 and much has been done to redress the imbalance. In 2016 the ONS figure had fallen to 18.1%. A year later it was down to 17.4% and in 2000 – going into the pandemic – it stood at 14.9%. In 2021 the figure had risen slightly to 15.4%. Why?

Posted by Mark Quigley on
12 August 2022

Diversity in the workplace: why it matters and how you can improve

Gender Pay | Diversity

Since the inception of gender pay gap reporting we’ve seen an increased focus across the board on equality in a whole breadth of areas. Mirroring an entire society will not be possible in every workplace but more than ever it has become important to be open to the idea. If a company is not offering the chance to people from every background to work within their organisation, then why not?

Posted by Sarah Lardner on
05 August 2022

How are employees’ environmental and social values changing and what does this mean for your engagement strategy?

Employee engagement | Responsible Reward | ESG

Over the past few years, we have seen an acceptance that the global business ecosystem is no longer sustainable if we carry on consuming at the current rate. This broad realisation has forced many businesses to look at how they’re running and make some fundamental changes to the way they incentivise their people.

Posted by Justine Woolf on
28 July 2022

Drive and support workplace inclusivity with reward and recognition

Reward Consultancy | Total reward | Recognition | Reward | Responsible Reward

For a company to get reward and recognition right in a way that fosters workplace inclusivity, its policies and practices need to encompass everybody regardless of age, background, gender or ethnicity. Everyone should be treated the same, with no bias. It’s a very broad piece to address.

Posted by Sarah Lardner on
22 July 2022

How to provide adjustments without breaking existing pay structures

Linkedin is an extremely powerful tool for engagement but it is creating new headaches for employers already struggling in a tricky market.

Posted by Emer Bucukoglu on
14 July 2022

Insights