Pay, bonuses & reward
Cash pay – whether paid as a monthly salary or weekly wage – is the backbone of the reward and benefits package. With issues such as the national minimum wage, equal pay, pay strikes, income tax and national insurance contributions, the job of a compensation manager is a complex one. It is common to get compensation advice from a reward consultant. Reward consultants are able to supply salary benchmarking reports as well as advice on structuring a bonus, performance related pay, team incentives and other forms of variable compensation. To ensure these elements of variable and performance related pay meet business objectives, they need to be administered carefully. More employers are using sophisticated payroll software to achieve this.
Definitions of common pay and bonus terms
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News
Staff earning £100k or more to be hit by higher tax from 6 April
A decrease in employee salaries and bonuses paid after 5 April is only one example of the incomes to be impacted by the looming 50% income tax rate.
09 Mar Staff engagement 'biggest concern' for HR in legal sector
05 Mar MPs’ salaries to rise 1.5%
04 Mar Asda agency staff to get same pay as permanent workers
03 Mar Staff salaries see highest growth in 20 months
Analysis
Company share option plans can boost executive reward
Company share option plans can be a useful tax-efficient ingredient of executive reward, says Peta Hodge
01 Mar Thought leaders 2010: The year ahead: Fairness the new watchword in reward
01 Feb Using reward and benefits to re-engage the workforce after the recession
06 Jan What Darling's pre-Budget report means for reward
06 Jan The Big Question: Should high earners bear the burden of economic recovery?
06 Jan Ensuring fair play in reward
Case Studies
Asda agency staff to get same pay as permanent workers
Asda’s temporary workers are set for the same pay as permanent staff under a deal struck by the supermarket and Unite, the trade union.
05 Mar MPs’ salaries to rise 1.5%
01 Mar Eversheds launches new bonus scheme
18 Feb Asda employees to share £26m bonus pot
03 Feb Coats implements online hosted compensation management tool
01 Feb Henderson Global Investors reviews deferred bonuses after FSA guidance
Research
Staff salaries see highest growth in 20 months
The rate of inflation of permanent staff salaries accelerated to a 20-month high in February, according to February’s Report on Jobs published by the Recruitment and Employment Confederation (REC) and KPMG. The report also found that employees are able to demand higher levels of pay. In some cases, these higher salaries were linked to shortages of qualified staff.
16 Feb Elite workers will be able to demand more pay and benefits by 2020
11 Feb Reducing benefits unpopular cost-cutting measure, says study
28 Jan Sharp drop in new executive long-term incentive plans
19 Jan WorldatWork Survey: US employers 'still conservative on pay'
18 Jan Improved pay predictions as HR professionals anticipate upturn
