Insights : Innecto Reward Consulting

How to align your reward strategy with your organisation’s ESG goals

Over the last five to 10 years, Environmental, Social and Governance (ESG) has grown in prominence as organisations have looked to show internally and externally that they are getting serious about being responsible. Increasingly, companies committing to equitable and sustainable business are outperforming those simply meeting legal obligations, and are also building happier workforces.

Posted by Justine Woolf on
04 November 2022

Rethinking your long-term talent strategy to address pay gaps

Gender Pay | Gender Pay Gap | Gender Pay Reporting

How do you make sure you always hire the right person for the job, while maintaining a balanced outlook when it comes to gender, ethnicity and disability? To answer this, we need to explore five main areas of talent management: Diversity in recruitment; Succession planning; Performance management; Learning and Development; and Retention. In this article I’ll be looking at the first three of these key pillars.

Posted by Sarah Nash on
28 October 2022

How to distinguish between bonuses and recognition and ensure both are valued

Bonus | Recognition | Reward

There is a distinct difference between a one-off reward and the steady drip-feed of recognition. Each carries different incentives, drives different behaviours and comes into its own at different times. Here we examine the key differences and how you can reach the holy grail of having them work together in perfect harmony.

Posted by Spencer Hughes on
21 October 2022

How to use technology to ensure your recognition strategy is inclusive

HR software | Reward technology | HR Technology | Hapi

For recognition to be truly inclusive, it goes without saying that it needs to touch everyone. Regardless of position, rank, department, seniority, age, gender or background, a recognition scheme needs to resonate with everybody and ultimately give all employees the opportunity to be nominated and recognised.

Posted by Sarah Lardner on
14 October 2022

What is the future for gender, ethnicity, and other pay gap reporting?

Equal Pay | Gender Pay | Gender Pay Gap | Gender Pay Reporting | Ethnicity Pay Reporting

Only five years have passed since gender pay gap reporting was first made mandatory in the UK and a lot has gone on since 2017. Before the pandemic, we were only just starting to scratch the surface in terms of drawing patterns and tracing trends, and furlough blew a lot of that data out of the window by opening up short term pay gaps which are only now starting to recede back. The data and data-gathering in this whole area is still very immature and could certainly benefit from more introspection, checks and balances in several key areas.

Posted by Sarah Nash on
07 October 2022

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

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