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
BMW workers reject pay deal
BMW employees at its Mini plant in Oxford have rejected a pay offer, which included a 2.21% basic pay increase, an additional increase of 1.79% for working an extra 30.1 hours a year, and a team bonus of 2%.
16 May CIPD conference: G4S structures pay policy from the top down
11 May Five-year-old artist earns thousands
11 May More than 300 extra employers to join real-time information pilot
10 May IDS research: Pay growth grinds to a halt for NHS senior executives
09 May The Queen's Speech: Shareholders to be given more power to reject excessive executive pay deals
Analysis
Are HR professionals cut out of key reward decisions?
Are HR professionals being bypassed when key decisions are made on reward? Nicola Sullivan investigates
02 Apr Preparing for the real-time information programme
03 Jan Olympics can kick-start new benefits
28 Nov Rewarding staff when inflation is high
31 Oct Will executive pay decisions change?
Case Studies
Case study: Grant Thornton plays fair with graduates
Grant Thornton attracts and retains new talent by offering a combination of benefits to suit individual lifestyles, and training and development opportunities, including graduate recruitment programmes and internships.
02 Apr Case study: People management leaders deliver KPMG policies
03 Jan Case study: Cisco ring-fences engagement around Olympics
Research
IDS research: Private sector pay deals up on 2011
Pay deals in the private sector for 2012 are coming in at higher levels than the median recorded during most of 2011, according to research by Incomes Data Services (IDS).
04 May Sutton Trust research: Teachers support link between their pay and performance
19 Apr Mercer research: A third of UK respondents ranked benefits as key reason to stay with employer
16 Apr IDS research: Starting salaries for graduates to decline in real terms this year
11 Apr Eversheds research: Employers see rise in costs since Agency Workers Regulations took effect
03 Apr Aon Hewitt research: Salary increase levels remain constant
