Category: Pay Review
Top 5 things to consider during this year’s pay review process
Justine Woolf | 06 September 2024
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
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.
Smaller Pay Rises This Year? The Path Forward for Pay Review 2024
Sarah Lardner | 16 February 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.
Navigating the Changing Landscape of Reward Management: Challenges and Solutions for HR Directors in the Legal Sector
Justine Woolf | 09 November 2023
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.
Flexible working: can the genie go back in the bottle?
Justine Woolf | 21 September 2023
Embracing the new normal: The value of flexible work and the challenge of pay structures in a post-pandemic world.
Pay Review: what’s your strategic approach in Q4?
Justine Woolf | 15 September 2023
Pay Review time has arrived again which may feel like a continuous process: an uphill treadmill of pressure, budget crunching and scenario re-modelling.
Pay Review - risks in processes and how to mitigate
Sarah Lardner | 18 August 2023
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.
11 Steps to boost your Sales Incentive Scheme
Sarah Lardner | 26 May 2023
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?
Managing Pay Review – Five key areas for HR to address
Spencer Hughes | 24 February 2023
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.
Taking the Pain out of Pay Review
Sarah Lardner | 27 January 2023
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.
