Why businesses need to reimagine the bonus structure
Last month it was revealed that four directors at the engineering firm Melrose had been awarded £40m in bonuses each, indicating that the UK’s bonus culture is showing no signs of slowing. Often seen as a motivational tool, many organisations believe that there is a direct correlation between large bonuses and company performance. However, there are […]
5 things you need to know about gender pay gap reporting
All employers in the private sector with 250 or more “relevant employees” on the key snapshot date of 5th April 2017 have to publish, both on a government portal and on their own website, information about the organisation’s gender pay gap.What do you need to know to do this successfully? We’ve published a complete guide, […]
Taking one for the team: why it’s time to ditch the dogma of individual rewards
For the past ten years, I have been interested in the area surrounding how and why employees at work are rewarded for their results. This has led me to think about the conventional approach of rewards, and how they are at odds with desirable behaviour. More and more, organisations are aiming for teamwork to improve performances […]
The seven deadly sins of compensation: are bonuses a waste of money?
There’s a chill in the air as the ‘comp season’ descends upon us once again. Most organisations are probably now already working on planning budgets, processing market data and kicking off the compensation review season but, in his best-selling book, ‘Bringing Out the Best in People,’ Aubrey Daniels said: “If you think of the bonus […]
Responsibility at work: using it to solve value incongruence
There's so much rich insight coming out of the academic sector that HR professionals need to know. At Academics' Corner we feature the best HR researchers that tell you what they’ve found and what you need to do differently on the back of the research. Get connected to the academic sector through Academics’ Corner and […]
How can feedback affect reward & recognition?
An active and positive feedback culture is integral to modern businesses; I covered the basics of why and how to boost a feedback culture based on praise in my last article. Once your company has started giving more frequent feedback, you may be wondering how this new system will impact reward and career progression decisions. You may […]
Where’s your next HRD coming from?
We’ve all heard how ‘HR needs to change’ – both as a discipline in its own right but also in terms of the type of people it attracts. The consensus seems to be that if HRDs are to truly become boardroom equals, they must be fluent in the language of the CEO or FD – […]
Are female senior managers really paid less?
There's so much rich insight coming out of the academic sector that HR professionals need to know. At Academics' Corner we feature the best HR researchers that tell you what they’ve found and what you need to do differently on the back of the research. Get connected to the academic sector through Academics’ Corner and […]
Brexit: is your reward strategy in or out?
June is fast approaching and that can only mean one thing, the EU referendum. We are being asked a very big question: should the UK remain a member of the European Union or leave? Commentators are trying to inform us of the potential consequence of our decision with the possible impact ranging from expats becoming illegal […]
Attracting and retaining: the role of flexible benefits
Recruitment and retention of good, skilled staff is a challenge for most employers, whatever the sector and whatever the economic climate. This has led to the increasing importance of having a reward package that is as attractive to existing staff as it is for new. Flexible benefitsTo respond to these changes, many employers are giving […]
How is HR analytics evolving your reward function?
There's so much rich insight coming out of the academic sector that HR professionals need to know. At Academics' Corner we feature the best HR researchers that tell you what they’ve found and what you need to do differently on the back of the research. Get connected to the academic sector through Academics’ Corner and […]
Why you must pay attention to pay transparency
I wrote a blog earlier last year on pay transparency from an equal pay perspective and why being able to show employees that how you pay not only ensures that you are more likely to pay fairly (and avoid equal pay issues) but also how being open about pay has been shown to increase employee engagement. […]
If you’re a reward manager, no news is good news
One of the odd things about pay is that you know there’s something wrong when people start getting excited about it. The aim of the reward manager is to conduct his or her business engendering as little fuss or emotion as possible. If your people start punching the air with glee when you give them […]
Gulp. Are we “reward people” about to be replaced?
With Terminator V about to hit the big screen, we are being reminded once again of the persistent vision of a future where we are dominated by machines. Even Stephen Hawking is in on the act, claiming that machines pose a threat to our very existence. And now I’ve just come across – rather late […]
Six arguments for executive pay
Consider for a moment that executive pay levels are about right. The figures in the press are surely eye-watering. Recent High Pay Centre analysis puts the average FTSE100 CEO package at around £5 million in 2014. This is almost a five-fold increase since the late 1990s. After some years of reports of rewards for failure, […]
Just what’s a father to do with A Level incentives?
Well, it’s that time of year again when exams are in season and I don’t doubt that the question you are asking yourself is this: should I pay my kids for exam success? As someone who makes a living out of designing incentive schemes, among other things, I naturally assumed the answer to be yes. […]
How will ‘disruptive’ HR practices affect reward?
There is movement afoot to bring credibility and new purpose to the often maligned yet critical function of HR in modern organisations. The CIPD conference last year was badged as ‘High-Impact HR’ and you will have no doubt heard the term ‘disruptive HR’ from a multitude of blogs, articles, conferences and soap-boxes. ‘Disruptive’ comes from […]
Is your bonus money going down the drain?
The use of bonus schemes is on the increase. Often used to align pay with performance, and make it affordable in good times and bad. According to XpertHR, 4/10 employees received a bonus in 2014. However, a £ given as bonus is valued less favourably than a £ given in base pay. This is because […]
UK salaries grow for first time since downturn
Salaries offered in job adverts have increased year-on-year for the first time since the recession, according to new research. The average advertised UK salary stood at £33,873 in July, a rise of 0.9% on the previous year, the report by UK jobs website Adzuna found. The number of advertised vacancies grew by over a quarter […]
Low wage increases in a buoyant jobs market – don’t be fooled!
So, the headlines shout “Wages Growth Lowest Since 2001” alongside messages of record low unemployment and an economic upturn. Should you still choose to fight that battle for an increase in the salary budget? The Office of National Statistics (ONS) reported annual wage growth (including bonuses) fell to just 0.3% in the second quarter of […]