All Pay strategy articles – Page 99
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ArticleResearch reveals top paying careers after 20 years
New research by Standout CV has unveiled the top paying careers by the time an employee reaches their 20th year in the job.Traditionally the half-way point in people’s working lives, the study revealed that it is pilots who accumulate the most cash by their 20th work anniversary - pocketing £1,132,500.Created ...
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ArticlePay rises down 0.3 percentage points on last year
Pay rises are down an average of 0.3% on last year, according to research published today by Incomes Data Research (IDR).The analysis of 56 new pay deals already agreed for 2021 found that almost half have either given, or are set to give, employees increases of between 2% and 2.99%.Higher-end ...
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OpinionKatie Davenport: CJRS changes to allow furlough of working parents
Following closure of primary and secondary schools on 5 January 2021, HMRC amended its guidance on which employees can be furloughed under the Coronavirus Job Retention Scheme (CJRS). An employer can now furlough an employee if they are unable to work, whether in the workplace or from home, because they ...
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ArticleGender pay gap submissions down 50% on last year
With just 56 days to go before qualifying organisations need to submit their gender pay gap reporting, new figures have revealed that submissions are barely 50% what they were this time last year – and some are blaming confusing government advice as the reason.As of midnight on 27 January, only ...
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ArticleFinancial impact of pandemic worst for low-paid workers
Research by the Trades Union Congress (TUC) into household income reductions caused by Covid-19 (Coronavirus) has revealed low-paid workers have suffered the most, with half having experience a loss of income during the pandemic, compared to 29% of high earners.Commissioned as part of its submission to government about what next ...
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ArticleBank of America rolls out thank-you awards
A Bank of America memo has revealed staff at the organisation received enhanced pay and shares perks as a thank-you for their efforts during 2020.Coming on the back of its full-year financial results, chairman and chief executive Brian Moynihan told staff: “Teammates were called upon to address unprecedented challenges." He ...
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ArticleCitigroup publishes 2020 pay gap results
Citigroup's latest pay-gap reporting figures showed that the bank paid women 26% less than men in 2020.As well as revealing its overall male-female pay gap, the data also found that employees from minority groups earn 6% less than non-minorities.The combined 26% gender pay gap is only a slight improvement from ...
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ArticleStena U-turns on sick pay cuts
Ferry company Stena has bowed to pressure, announcing an improved sick pay policy for staff that substantially improves upon what was originally put forward last November.Its pre-Christmas proposal would have put workers on £95.85 per week statutory sick pay (SSP) for the first to fifth week of illness, before moving ...
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ArticleKavitha’s keynote: Employee appreciation has never been more important
As the effects of the Covid-19 (Coronavirus) pandemic continue to be felt across the world, many employers are being forced to furlough staff, reduce pay or implement job cuts in a bid to stay in business.Meanwhile, it is likely that remaining employees at these organisations are facing personal struggles of ...
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ArticleAberdeen Council completes £230m pension buy-in
Aberdeen Council has completed a £230m buy-in transaction, insuring the pension payments of 1,360 retired FirstGroup employees.According to pensions insurance specialist Rothersay, which completed the transaction, the deal is thought to be only the second local government pension scheme to secure its pension obligations through an insurance policy.Commenting on the ...
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ArticleHachette UK narrows its gender pay gap
Hachette UK, Britain’s second-largest publishing group, has reported a small reduction in its gender pay gap.According to the organisation's just-published 2020 Gender Pay Gap Report, its mean gender pay gap improved this year dropping to 17.6% from from 18.4% in 2019.Hachette also announced that it had increased the number of ...
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OpinionNick Gilbey: Turning IR35 changes into an opportunity
The new IR35 changes, also known as the Off-Payroll Rules, come into effect on 6 April 2021. As UK organisations struggle to maintain a flexible labour force while attempting to rebuild following the pandemic, employers that use limited contactors will now face a tax and regulatory change that has caused ...
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ArticlePay and working hours rise as employment falls
Latest figures published by the Office for National Statistics (ONS) have painted a mixed picture of the state of employment in the UK, with employment continuing to fall but working hours and pay on the up.According to the ONS figures, the number of payrolled employees has fallen by 828,000 since ...
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ArticleDr Martens bosses to share £350m bonus pot
Shoe retailer Dr Martens has launched a stock market floatation that is expected to net the chief executive and senior employees a share of £350 million, with regular employees also in the frame to benefit from the shares issued.The investment prospectus – published yesterday – sees the company valued at ...
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ArticleSequoia offers to pay staff in bitcoins
Sequoia, the multinational software development firm, has announced it will begin to offer employees the chance to be paid in crytocurrency bitcoins.Under the initiative, staff can elect to defer a portion of their salary into bitcoin or Bitcoin Cash. The scheme has been likened to a pension plan, whereby employees ...
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ArticleWilko stuns union by slashing sickness benefit terms
Retailer Wilko has been told it should "hang its head in shame" by the GMB union after it drastically cut sick pay terms for employees without any prior consultation.The move, announced to staff last Friday and effective from 1 February, means that if any employee takes a single day of ...
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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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ArticleCambridge University becomes a living wage employer
Cambridge University is now an accredited living wage employer, with its new ‘Living Wage Commitment’ meaning staff at the historic academic institution will receive a minimum hourly pay rate of £9.50 in the UK or £10.85 in London.Eilís Ferran, pro-vice-chancellor at University of Cambridge, said: “University of Cambridge staff are ...
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ArticleJust 5% of workers will receive their January bonus this year
White-collar professionals have never been so pessimistic about receiving their January bonus payment, according to new data published yesterday by Robert Walters.Not since the recruiters’ annual Salary Survey first began 20 years ago have workers been so downcast, with the research finding just 5% of those polled expect to get ...
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ArticleUnilever promises all suppliers will pay a living wage by 2030
British multinational consumer goods organisation Unilever has pledged all of its suppliers will pay their employees a living wage by the end of the decade.The commitment, unveiled as part of a wider renewal of its social responsibility standards, will see the business insist that all workers of companies in its ...