New benefits you may not have heard of - hype or real added value?
Mark Macoun | 25 July 2024
According to Glassdoor, 60% of people regard benefits and perks as a major factor in deciding whether or not to accept a job, and 80% would choose additional benefits over a pay raise. Benefits are now a crucial part of any Employee Value Proposition (EVP), helping to both attract and retain employees. If they are conceived and put together in the right way, they can also play a massive role in job satisfaction, productivity and loyalty.
Employment rights confirmed as a Labour priority in King’s speech
Cathryn Edmondson | 19 July 2024
The hive of activity we’ve seen since the outcome of the general election stepped up a gear this week with the opening of parliament and the King’s speech outlining Labours priorities for the next 12-18 months. The speech included 40 bills, the highest number since 2005 (also under a Labour government) and perhaps reinforces Kier Starmer’s commitment to get things done. Whilst not all bills outlined in the King’s speech may make it into law, it did confirm Labours commitment to improved employment rights and greater equality.
Part 2 - What does Pay Transparency mean to me as an employer?
Sarah Lardner | 17 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 the first of this four-part series our Director of Business Innovation and Senior Principal Consultant, Sarah Lardner, outlined the ramifications of the EU Pay Transparency Directive [link]. In part 2, we examine what Pay Transparency means to employers in the UK in terms of the structures needed to enable decision-making.
Gemma Hollinshead - Tech sector focus: Know what floats your talent boat
11 July 2024
The war for talent has been on the business agenda for years but has never been more critical for the Tech sector than it is now. Industry-wide, businesses are increasing their reliance on digital solutions. Tether that growing need to the rapid rise and development of AI (Artificial Intelligence) and you have a soaring demand for skilled developers. So, what can businesses do to ensure they are attracting and retaining the talent they need to be successful in this thriving industry?
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.
