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
Credit Suisse to cut bonuses for senior staff
Credit Suisse has cut its bonuses for London-based managing directors by 30% in a move that will see it pass on the majority of the supertax on bonuses to bankers.
03 Feb Coats implements online hosted compensation management tool
03 Feb Enrich launches total reward consultancy service
01 Feb Henderson Global Investors reviews deferred bonuses after FSA guidance
01 Feb Pret A Manger gives staff £10 bonus as sales hit £1m in one day
Analysis
Bonuses in financial services sector come under scrutiny
Executive bonuses in the financial sector have come under scrutiny in the wake of the global banking crisis. Both the government and the Financial Services Authority (FSA) have been quick to condemn some top-level remuneration practices in the City on the grounds that these encouraged excessive risk-taking in the banking sector and fuelled the global crash.
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
Employer profile: Asda
Employee involvement is a big part of Asda Stores’ operational philosophy – and that can include a visit to the Dragons’ Den, says Tom Washington
03 Feb Coats implements online hosted compensation management tool
01 Feb Henderson Global Investors reviews deferred bonuses after FSA guidance
01 Feb Pret A Manger gives staff £10 bonus as sales hit £1m in one day
22 Jan Goldman Sachs bonus pot grew in 2009
Research
WorldatWork Survey: US employers 'still conservative on pay'
More than a third of US organisations still feel they are in recession and not in a position to unfreeze pay, a survey says.
28 Jan Sharp drop in new executive long-term incentive plans
18 Jan Improved pay predictions as HR professionals anticipate upturn
07 Jan UK workers give away £27 billion of unpaid overtime
05 Jan Almost half of European sales incentive plans are not working
07 Dec Compensation and benefits remains highest paid HR specialism
