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
B&Q launches new bonus scheme
Home improvement and garden retailer B&Q is launching a new monthly bonus scheme for store teams, which is set be worth £12 million a year.
03 Jul Lastminute.com offers dream job
03 Jul Employers not using limited pay budgets effectively say Watson Wyatt
01 Jul Helphire staff vote to increase hours
29 Jun Pension funds backed bank remuneration in run up to crash
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 Jun Buyer's guide to payroll systems (June 2009)
01 Jun Keeping staff happy when making pay cuts
08 Apr How employers can use deferred bonus schemes
01 Mar Employers use cost cutting measures to avoid redundancies
01 Dec Employers look to identify savings on pay and benefits
Case Studies
Richmond Housing Partnership offers performance related pay
Richmond Housing Partnership (RHP) is a housing association that offers performance-related pay (PRP) to all of its staff.
03 Jul Lastminute.com offers dream job
01 Oct Case study: Learning and Skills Council
27 Feb Employee rewards and benefits at Lloyd's
02 Jul JP Morgan Chase wins 'bonus' case
Research
Employers to cut travel and fringe benefits during recession says CIPD
Employers have cut down on fringe employee benefits like business travel and even free biscuits to cut costs during the recession.
03 Jul Employers not using limited pay budgets effectively say Watson Wyatt
29 Jun Pension funds backed bank remuneration in run up to crash
26 Jun Employers get stricter with staff expenses
28 May Senior staff bear brunt of pay freezes
