Pay and Reward

Why should my business consider pay and reward?

Pay and reward covers all benefits a business offers to its workforce. Pay and reward is a critical factor in a business’ attraction, retention and engagement of its employees. Appropriate reward packages will align with the workforces needs, as well as with the business’s culture and purpose. Strategic reward focuses on the longer-term reward approach that a business may take to support the business’ and workforces’ growth. Total reward includes all the elements of the reward package that are valued by the workforce including not just financial reward but non-financial (such as L&D, flexible working, recognition etc.).

What elements should my business be considering for its pay and reward strategy?

A pay and reward strategy should encourage employee commitment and satisfaction through a comprehensive package of inspiring and motivational benefits. This will vary business to business. Some organisations may want to focus on employee recognition and wellbeing, whereas others may have a keener focus on a structured approach to compensation (e.g. pay structures, annual benchmarking etc.).

A pay and reward strategy may include any of the following elements:

• Fixed pay – wages and salary
• Variable pay – cash bonuses, incentives and overtime payments, performance related pay
• Pensions
• Insurances – life assurance, health insurance, home insurance
• Organised pay frameworks – pay structures, pay benchmarking, pay awards, job evaluation, pay progression
• Flexible benefits – benefiting from tax and NI deductions on rewards
• Recognition – team-based reward, employee of the month, gift vouchers, social events
• Intangible rewards – work-life balance, flexible working, autonomy, culture
• Employee wellbeing – gym membership, Employee Assistance Programme, health insurance, private medical cover
• Development – personal development, training, career development, progression, succession planning
• Enhanced leave – sick pay, family friendly pay, time off for volunteering, enhanced annual leave entitlement
• Total reward

Essential for any pay and reward strategy is fair and equal pay.

Why outsource my pay and reward?

Nockolds HR is an independent, outsourced HR provider. All our consultants are CIPD qualified with many years of senior HR experience from in-house and consultancy roles. We are experienced in designing and implementing pay and reward strategies. Our consultants have had ‘on the ground’ involvement in compensation practices in a wide-range of industries and sectors. As experts in this area, we can provide our best fitting solutions and our recommendations for your specific business needs.

How are Nockolds HR’s pay and reward services provided?

At Nockolds HR, we work flexibly with your business to provide our pay and reward services, which we can offer your business via:

• Conducting salary benchmarking / pay benchmarking
• Conducting benefits benchmarking
• Developing pay and reward strategies
• Reviewing the effectiveness of your current pay structures / strategies and making improvements
• Implementing new benefit schemes e.g. flexible benefits, insurances, EAP schemes etc.
• Designing bespoke appraisal systems featuring performance related pay / bonuses
• Carrying out gender pay gap reporting
• Carrying out equal pay reviews
• Designing total reward statements