Leeds Building Society’s pay-setting process is a result of a collaborative process involving senior management and negotiations with its staff association.
Becky Hewitt, head of HR at the mutual society, says: “The financial and economic context is key to the discussions and the remuneration committee and board are involved in the approval process.”
Hewitt says all parties consider the total benefits package in the light of internal data and sentiment, as well as the financial and economic context.
Equiniti ICS provides Leeds’ payroll software, which Hewitt uses to produce and manipulate reports, with external advisers used, as required, for benchmarking purposes.
“We use internal and external benchmarking,” she says. “This can vary from reviewing individual roles to setting band pay ranges.”
The society usually applies pay changes from 1 August each year.
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