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 award one-off bonus to managing directors
Credit Suisse is to reward several hundred managing directors in the UK with a discretionary one-off bonus payment as part off efforts to remain competitive.
01 Sep Only a quarter of employers feel prepared to manage the risk associated with reward
31 Aug IDS research: Aim directors' pay breaks £200,000 barrier
26 Aug Private sector pay freezes continue to fall
20 Aug EastEnders staff accept lump sum payment to replace travel allowance
Analysis
How coalition government's measures affect benefits
The new coalition government has been busy in its first 100 days, and the benefits industry is feeling the effects, says Debbie Lovewell
01 Sep Job evaluations lead to fairer reward
02 Aug How public sector benefits, pay and pensions are being reviewed
05 Jul News analysis: The Osborne Budget effect
01 Jun Buyer's guide to payroll software (June 2010)
Case Studies
Case Study: Stannah Stairlifts
Stannah Stairlifts conducted a review of the roles of 320 hourly-paid employees to ensure its pay structure still reflected the skills required to do the work.
15 Mar Sainsbury bonuses beat increased tax rates
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
Only a quarter of employers feel prepared to manage the risk associated with reward
Only a quarter of HR professionals believe their organisation is well prepared to manage the financial and management risks associated with rewarding staff according to research conducted by the Chartered Institute of Personnel and Development (CIPD).
31 Aug IDS research: Aim directors' pay breaks £200,000 barrier
26 Aug Private sector pay freezes continue to fall
19 Aug Majority of employees prefer to be paid monthly
10 Aug Hewitt New Bridge Street research: Executive directors’ bonuses rise
09 Aug IPP research: Pay freezes will push public sector staff to the private sector
