Insights : Innecto Reward Consulting

Category: Pay

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

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

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 effective pay transparency messages can boost retention

Pay Transparency | Pay

With EU pay transparency legislation about to come into force, UK-only businesses will still be required to show pay transparency so as to stay competitive in the talent race

Posted by Justine Woolf on
22 August 2024

Pay Equity: Ensuring Fairness and Equity in Compensation

Pay Fairness | Equal Pay | Evaluate | PayLab | Pay

Pay equity is the practice of paying equally for work of equal value. But what do we mean by work of equal value? And how can we ensure that we are using the right measure for that? There are two key pillars in ensuring fairness and equity in pay: the reward framework and the implementation and communication of that framework.

Posted by Spencer Hughes on
09 August 2024

A Labour landslide but what does it mean for pay now we have a Labour government?

Pay

It’s been 14 years since Labour was last in power so what does a new Labour government mean for the world of work as we know it? In their manifesto Labour committed to “make work pay” and deliver a “new deal for working people” with legislation being introduced within 100 days. However, they have also committed to consulting “fully with business, workers and civil society on how to put plans into practice before legislation is passed”.

Posted by Cathryn Edmondson on
05 July 2024

The General Election manifestos and what they mean to Reward

Advance | Pay

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.

Posted by Holly Coe on
20 June 2024

How to streamline pay review and take away the pain

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.

Posted by Holly Coe on
29 May 2024

Quarterly Focus: Pay Review Lessons

Pay Review | Pay

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.

Posted by Simon Cook on
24 May 2024

Going beyond the headlines - what can we do to improve our pay gaps?

It’s been 7 years since the Government introduced annual Gender Pay Gap reporting regulations for companies with 250+ employees, and whilst the national median pay gap has narrowed since then, progress has been somewhat subdued with an overall decrease of just 4%. But why is this the case?

Posted by Genni Fisk on
05 April 2024

Impact of National Minimum Wage changes on pay structures and how to mitigate compression

Pay

In April the National Living Wage for those aged 23 and above will increase to £11.44, a 9.8% increase from £10.42. The increase will also apply to those aged 21 and 22 who currently earn the National Minimum Wage.

Posted by Cathryn Edmondson on
28 March 2024

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