Category: Pay Review
Smaller Pay Rises This Year? The Path Forward for Pay Review 2024
Pay reviews can be difficult to manage. In the past, pay pots have enabled people leaders and finance directors the ability to allocate awards effectively, given the cost of living and labour market conditions and address any anomalies. However, this year presents new challenges as pay awards are likely to be more modest, with average pay settlements expected to be around 4%, down from over 6% in the past two years, as predicted by Innecto and confirmed by The Chartered Institute of Personnel and Development (CIPD) recent report.
Posted by Sarah Lardner on
16 February 2024
Navigating the Changing Landscape of Reward Management: Challenges and Solutions for HR Directors in the Legal Sector
Reward Consultancy | Bonus | Pay Fairness | Pay Review
Navigating the evolving HR landscape, Innecto's team, with experience from top law firms, addresses challenges faced by HR and Reward professionals, offering strategies for rebuilding recognition culture in a hybrid work environment, simplifying bonus schemes, balancing transparency and discretion in pay decisions, addressing regional pay discrepancies in a distributed workforce, building business cases for investing in business services, enhancing pay review processes, and creating unique employee propositions to retain key talent in the ever-changing legal sector.
Posted by Justine Woolf on
09 November 2023
Flexible working: can the genie go back in the bottle?
Embracing the new normal: The value of flexible work and the challenge of pay structures in a post-pandemic world.
Posted by Justine Woolf on
21 September 2023
Pay Review: what’s your strategic approach in Q4?
Pay Review time has arrived again which may feel like a continuous process: an uphill treadmill of pressure, budget crunching and scenario re-modelling.
Posted by Justine Woolf on
15 September 2023
Pay Review - risks in processes and how to mitigate
Sarah Lardner explains how a recent client streamlined their pay review process by eliminating spreadsheets, reducing the risk of error, reducing resource hours, engaging line managers and enabling far better reporting with Advance.
Posted by Sarah Lardner on
18 August 2023
11 Steps to boost your Sales Incentive Scheme
For a sales team to perform and achieve at an optimum level, it needs three things: a well-designed sales plan; data and insights for forecasting, planning, and aligning their efforts to the business’s goals; and the tools to enable performance (training, environment, culture and CRM systems). Too often we see bonus schemes that are over-engineered, hard to understand and ultimately demotivating, so how can you review your current plans?
Posted by Sarah Lardner on
26 May 2023
Managing Pay Review – Five key areas for HR to address
When it comes to Pay Review, HR can often find themselves losing valuable time in complex manual processes and ultimately without the tools they need to make informed decisions. Here are five common areas of concern where Innecto's Advance tool can almost certainly help.
Posted by Spencer Hughes on
24 February 2023
Taking the Pain out of Pay Review
Pay Review time has arrived again and for many at the moment it feels like a continuous process: an uphill treadmill of pressure, budget crunching and scenario re-modelling.
Posted by Sarah Lardner on
27 January 2023
Three essential areas to address around pay gaps and equality
Equal Pay | Equal Pay Audits | Pay Structure | Pay benchmarking | Job evaluation | Pay Review
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 provide adjustments without breaking existing pay structures
Pay & Reward | Pay Structure | Pay Review | Reward | Pay Data | Cost of Living
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
How to mitigate pay pressure, especially in hard to recruit sectors
Pay Fairness | Pay & Reward | Pay Progression | Pay Review | Pay Data
The current cost of living crisis is bringing with it a whole new wave of pay pressure for employers, but traditionally pay pressure can arise when you have an urgent need for hot skills.
Posted by Lisa Trewhitt on
07 July 2022
How can HR technology support your annual pay review process?
HR software | HR Technology | Pay Review
Having to juggle multiple spreadsheets is one of the main pain points of pay review but the introduction of HR technology to support the process and not only make life a little easier, but also to help you work more efficiently and effectively at pay review time and throughout the year.
Posted by Lisa Trewhitt on
13 May 2022