Pay Transparency Series – Part 1: Legislation and Mindset for a changing world
Sarah Lardner | 09 July 2024
At a time when Pay Transparency feels more important than ever, Innecto’s team of consultants is focusing on how building the right frameworks and structures plays a fundamental role in supporting Pay Transparency and Pay Equity. In a new four-part series by our Director of Business Innovation and Senior Principal Consultant, Sarah Lardner, we first outline the ramifications of the EU Pay Transparency Directive, and will then (2) examine what Pay Transparency means to employers in the UK, (3) lay out the steps companies can take to prepare and transition, and finally (4) look at how digital platforms are aiding us all in this process.
A Labour landslide but what does it mean for pay now we have a Labour government?
Cathryn Edmondson | 05 July 2024
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”.
Employee Appreciation Day - Importance of a thank you
Justine Woolf | 04 July 2024
Employee communications | Employee Experience
Recognition is one of those areas of reward that we all think is quite easy to do. Put in place a formal company scheme, give it a cheesy name and Bob’s your uncle – we have recognition! The reality is that while formal schemes do work, and I have seen them work very well, my experience is that formal company recognition schemes are the icing on the cake. Outside of pay and bonus awards, it’s at the individual and team level where the greatest impact of non-financial recognition can be made on a daily basis.
Ways to create a fair approach to reward and benefits for parents and non-parents
Andrew Walker | 27 June 2024
Parents are important, but employees without children must not be neglected when implementing rewards and benefits packages
Pay Transparency: Benefits and Challenges
20 June 2024
Is there anything more frustrating than finding a great role that offers a ‘Competitive salary’? What does that phrase even mean? Competitive for the town, the market, or the current employees? For people with a certain skillset? The wording immediately puts us on edge, arouses suspicion that candidates may be treated differently, and is a perfect example of non-transparency.
The General Election manifestos and what they mean to Reward
Holly Coe | 20 June 2024
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.
Communicating the deal on Benefits: what stops us landing critical messages?
Justine Woolf | 13 June 2024
We spend a lot of time and money on our benefits packages. According to Boundless, the typical UK company spends between £100 and £200 per month per employee with a medium-sized business providing on average 30 benefits or wellbeing initiatives to support staff. We provide support for mental health via EAPs. We give access to healthcare professionals via cash plans, online GPs or private medical schemes. We enable discounted purchasing through Salary Sacrifice technology, retail discounts or own-brand discounts. And yet according to Vitality, only 30% of employees know what’s on offer. Why?
Can skills-based pay work?
Sarah Lardner | 07 June 2024
Becoming a skills-first organisation means identifying the skills relevant to work and matching people with the required skills to the tasks at hand. The simple answer is that yes it can be done, if it is done correctly: matching employees to those skills and remunerating based on that requires a considered approach.
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.
Reward Accessibility - What can we do to make it better?
Holly Coe | 17 May 2024
Nowadays employment benefits are no longer seen as a ‘nice to have’ but as an essential part of the total reward package. Sometimes they can even be the deciding factor in recruiting or retaining talent when compared with competitors. Here are some key points worth considering when looking at making our reward offerings as accessible as possible.
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