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Pay & Benefits

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How do you know that you are paying the market rate?
Do your employees know how their pay will be affected if they get promoted?
Do you offer any additional benefits? Should you?
Do your employees know how their package compares to other like-businesses?
Do you have well-defined tiers for salaries?

Pay and Benefits are one of the key reasons employees stay with your business, it's your responsibility as the employer to ensure they are receiving fair reward for the service they provide. We offer a comprehensive Pay and Benefits review package that can move you from paying what you think is appropriate to a strategically aligned package that motivates your workforce, rewards those that excel and supports the growing talent in your teams.

What does a Pay & Benefits package include?

We customise our package dependent on your current offer, but as a part of developing a Pay and Benefits strategy with you, we can:

• Benchmark your current salaries across similarly sized organisations to show you where you sit in the larger scheme of things.
• Build in capacity to ensure you can benchmark new roles to enable you to attract the best, and work with this strategy going forward.
• Develop a pay structure that enables regular (annual) pay reviews, which can include performance-based rises for individuals and organisation-wide changes based on inflation and changing market rates.
• Build in capacity for bonus payments based on business profitability or individual/team performance.
• Explore and develop a complementary benefits package that suits your organisation and is achievable for all stakeholders.
• This can even include share options or saving schemes.

Everyone wants to believe that their pay is fair; that they have an opportunity to move the pay scale if they develop and take on more responsibility. We can help you develop progressive pay scales that give clarity and visibility to your employees, which allows them the opportunity to understand where their next step lies. Transparency and openness are now the bywords in business and implementing a fair and transparent salary banding or grading system is now more important than ever.

Key aims of pay strategies are to attract talent and retain and motivate employees. Effective strategies are built on knowing what motivates the talent you need; they are also determined by your ability to pay as well as directed by the applicable legal requirements. Strategies often include:

• Formal pay structures - which is a useful way to place a value on a role. It can also show how jobs relate to each other within your organisation and the job market. While many businesses use graded pay structures, over half of UK organisations use individual 'spot' salaries.
  
• Pay reviews - which can include performance-based rises for individuals and organisation-wide changes based on inflation and changing market rates.
  
• Bonus and incentive awards are used widely, especially in the private sector. They're most commonly linked to individual performance, followed by organisational performance.