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Recent trends in reward management

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There has been a large increase in the number of organisations who have carried out pay audits in the past year and an even greater proportion of employers plan to carry one out in 2004, according to new research.

The CIPD’s annual reward survey of 500 organisations, to be launched at the CIPD’s reward conference tomorrow, will also show that a significant minority of employers plan to raise their retirement age at their organisation over the next two years.

Other findings will reveal that:

  • Despite the pension ‘crisis’, the vast majority of employers still contribute to the pension arrangements of their employees. However, employers are restricting final salary schemes to existing staff and introducing money purchase schemes for new staff, typically with lower rates of contribution. Most private sector organisations now offer money purchase schemes to new hires.

  • Many employers are failing to communicate to staff about their pension arrangements on an on-going basis.

  • Despite cost concerns, employers are more concerned with ensuring their benefit offering (excluding pensions) makes them an employer of choice, with more employers planning to introduce benefits than reducing them.

  • ‘Cafeteria benefits’, which give employees a choice over the mix of cash and benefits they receive, are becoming increasing popular among employers.

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