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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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.

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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

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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).

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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

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