Analysis – Page 2
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AnalysisWhat impact is the war in Ukraine having on benefits strategies?
Employee support during the war in Ukraine might include evacuating staff and providing flexible, practical support for those directly affected.Organisations should also remember the importance of mental health support for all employees, including senior managers.In addition to day-to-day considerations, businesses should understand the wider ramifications of world events on other ...
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AnalysisAdapting pay strategies to cope with the cost-of-living crisis
Need to know:Sweeping pay rises may not be achievable for many employers, but spot bonuses can help staff without as heavy an impact on yearly budgets.Financial wellbeing and flexible pay tools can help employees gain greater flexibility and control over their money.Effective communication of the benefits available to staff, as ...
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Analysis
Rebecca Berry and Sarah Taylor: employers face a balancing act on ‘living with’ Covid
The change in emphasis of the government’s ‘Living with Covid’ guidance raises many questions for employers. These include:What does the lifting of the legal requirement to self-isolate for those who test positive for Covid -19 (Coronavirus) mean for employers?How should employers implement the guidance that those who test positive for ...
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AnalysisWhat role does a reward strategy hold in a battle for talent?
Need to know:Benefits such as financial education, salary sacrifice, health cash plans and discount platforms can help to support employees during the cost of living squeeze.Higher inflation may help address existing pay inequalities but organisations must also guard against creating new ones with jobseekers demanding higher starting salaries.Paying attention to ...
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AnalysisTop tips on how employers can reduce the gender pensions gap
Women need to be aware of the impact of career breaks and part-time working on their pensions, and how they may be able to mitigate the impact.Online ‘Mind the gap’ calculators, using video, animation and social media can help to promote relevant messages.Providing education on how pensions work and what ...
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AnalysisHow to implement a pay strategy for hybrid working
Need to know:Reducing pay to reflect hybrid working can pose significant legal and practical challenges with implications on organisational fairness and inclusion.With the exception of salaries that already vary by location already, for example, those with a London weighting, reducing an employee’s pay would need their consent.A two-tier pay structure ...
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AnalysisTop tips for introducing salary sacrifice pension schemes
A salary sacrifice pension arrangement should not be agreed if the effect of this, such as a reduction in the employee’s pay, would lead to a breach of the national minimum wage legislation. A simple step, such as giving employees full transparency on which businesses the ...
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AnalysisWhat are the most effective ways of addressing pay gaps?
Need to know:A culture of transparency and a commitment to reporting all pay gaps within the organisation is a first step to tackling them.Sharing an action plan of next steps, for example, organisation-wide salary reviews and providing access to all pay data, builds on that transparency.The disaggregation of data will ...
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AnalysisWhat are the challenges and benefits of introducing the living wage?
Employers can use paying the living wage as a recruitment or retention tool to make them an attractive organisation.For those employees who are paid the living wage, it can mean the difference between being able to afford the things they need for a decent standard of living or not.As the ...
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AnalysisIs cash still king when it comes to motivating modern workforces?
Need to know:Assuming that an employee is fairly paid and has adequate income to fund their lifestyle, a pay rise or bonus is unlikely to make a significant impact on their performance.A good long-term strategy for boosting employee productivity as opposed to cash incentives is clear communication and strong management.Employees ...
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AnalysisHow the changing shape of pay can support employees’ financial wellbeing
Need to know:The pandemic has spurred many employers to reassess not just what they can pay their employees but how pay can be delivered more flexibly, with growing interest in innovations such as affordable loans, salary advance and access to earned pay.There is recognition, however, this needs to be underpinned ...
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AnalysisHow can employers ensure their pay equality goals stay on the agenda in the current climate?
The pandemic has been the best and worst of times for women.More women have been furloughed than men since Covid-19 struck, according to HM Revenue and Customs (HMRC) statistics published in February 2021, with 2.32 million women on the scheme at the end of January 2021, compared to 2.18 million ...
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AnalysisHow can employers link carbon-neutral goals with their reward strategy?
Need to know:Organisations are under pressure to reduce their carbon footprints and employee benefits can help with this.Ensuring pension funds are invested in environmentally-friendly businesses is a good place to start, while executives can be rewarded on similar metrics.The use of green reward schemes and encouraging greener forms of travel ...
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AnalysisHow can employers align their reward strategy and diversity and inclusion policies?
Need to know:Equality is firmly on the board agenda, with events such as the pandemic and Black Lives Matter forcing organisations to treat employees fairly.Technology can play a key role in driving diversity and inclusion through reward, enabling greater benefit choice and more personalisation of messaging.By highlighting inequalities, the pandemic ...
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AnalysisWhat issues are impacting employers' 2021 pay strategies?
Need to know: Employers reviewing pay and bonus strategies have a number of factors to consider in 2021.The Covid-19 pandemic and Brexit have created a level of risk when looking to introduce salary reviews.Employers may struggle to award incentive payments due to the levels of economic uncertainty.The new year often ...
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AnalysisHow will employers' reward strategies change when furloughed employees return to work?
Need to know:Organisations can instill confidence by reminding employees of benefits available in a total reward statement.Flexible pay options could help with financial stress when employees are returning to work. Creating a hazard pay benefit can give employees greater confidence.By August 2020, HM Revenue and Customs (HMRC) reported 1.2 million ...
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AnalysisHow will the Covid-19 pandemic change the employer/employee relationship in the future?
Need to know: While the Covid-19 pandemic posed many immediate challenges to employers, many have risen to the challenge, finding creative new ways to make sure staff stay physically and mentally well.There are a number of steps employers can take now to prevent an us-and-them culture existing after furlough.Flexible working ...
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AnalysisShould employers take a radical approach to pay?
Need to know:Proactively communicating salary brackets for individual positions is an effective way of driving forward pay transparency.Good communication is key when changing pay strategies. Failing to communicate effectively can create distrust in pay practices, and trust is fundamental to employee decisions on whether pay is fair or not.Adopting radical ...
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AnalysisCash or cupcakes: Is money the best motivator?
Need to know:Research often shows financial rewards are top of the list, but younger employees increasingly look for something more meaningful and experiential.Financial drivers can be highly effective if they are proportional, fair and well communicated.Perks can more easily be related back to specific behaviours and employer values, whereas cash ...
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AnalysisAre employers entering a new era of pay strategies?
Need to know:Where workplace loans and savings vehicles help to reduce high-interest lending, flexible paydays and wage streaming can aid employees with their day-to-day finances.Concerns about increased frivolous spending should be heeded, but if implemented correctly, alternative pay strategies can, in fact, help promote positive behaviours.Employers should be wary of ...
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