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
John Lewis increases staff bonus to 20% of salary
John Lewis Partnership has increased its staff bonus by 18% so that each employee receives the equivalent of more than ten weeks of pay.
14 May Emergency measures compensate for 10p tax rate abolition
13 May Top-performing companies pay less
06 May House of Fraser considers bonuses for shop floor staff
22 Apr Morrisons improves accuracy of payroll process
Analysis
Get a better idea of ad hoc bonuses
Ad hoc bonus schemes that reward staff for ideas or business solutions are not widespread, but if employers want to implement one they must think about scheme design, says Debbie Lovewell
06 Aug Shareholder dissent over executive pay grows
24 Jul Gender equality still years away
02 Apr Exclusive research into salaries and perks for benefits experts
05 Mar Justice scales tip amid failing gender pay gulf
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.
27 Feb Employee rewards and benefits at Lloyd's
02 Jul JP Morgan Chase wins 'bonus' case
23 May M&S shop floor staff to share £26m bonus
30 Apr G4S Cash Services outsources its payroll
Research
US CEO pay and compensation rise
The average base salary for chief executives in America increased to $995,000 from $975,000 in 2006, according to the Mercer Human Resource Consulting 2006 CEO compensation survey.
13 May Top-performing companies pay less
03 Apr Companies poised to freeze salaries as economy slows
31 Mar City traders' bonuses slashed
03 Mar Fall in across-the-board annual pay rises
03 Mar Pay parity for finance jobs
