Pay, bonuses & reward

Employee Benefits - 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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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.

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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

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