Inconsistent pay increases – gender pay gap claims. How confident are you that your reward structure is working for you?
With so much in the press about excessive executive pay increases, the Equality Act 2010 (Gender Pay Gap Information) Regulations 2017 requiring certain employers to publish gender pay data and legal claims relating to pay differences on the increase – how confident are you that your reward system is working for you?
A robust and non-discriminatory reward process ensures you are remunerating your employees fairly and consistently, it supports the retention of key employees and skills, assists candidate attraction – especially essential for those notoriously difficult to fill job roles where demand for candidates is high e.g. Technology and IT.
Reward systems based on the ‘traditional hierarchical’ approach of consecutive salary increments are out dated and unfashionable, successful businesses are benefiting from reward and recognition schemes that focus on rewarding vertical and horizontal progression.
Job evaluation is a systematic way of measuring the size and worth of the role based on applying a number of job factors and using robust market data to enable comparisons to be made with similar roles, either internally in your organisation or externally.
At B2P our job evaluation and salary benchmarking methodology is based on applying 10 key ‘job factors’ (e.g. job complexity, autonomy in role etc.,) and using one of the UK’s most comprehensive online salary databases to prepare salary and benefit comparisons based on selection criteria personalised to your business.
Job and salary benchmarking enables informed decision-making by providing organisations with insight into the market-place where rates and trends consistently change to ensure they remain competitive.
Getting your extrinsic rewards (pay and benefits) strategy right is key but rarely works in isolation….
Equally valued by employees are ‘intrinsic rewards’, those that enhance self-esteem and self-worth. How many times has a candidate enquired about development and training opportunities during an interview?
Intrinsic rewards are usually ‘self-driven’ by the employee – but can be facilitated by providing a supportive workplace culture e.g. flexible working practices, supporting diversity, development and job-enrichment opportunities and well-being initiatives.
“I don’t pay good wages because I have a lot of money,
I have a lot of money because I pay good wages” Robert Bosch
If you feel now is the right time for your review B2P is here to provide support and guidance.
