Pay & Reward
Pay and reward
When we speak about pay and reward we talk about all the benefits that employers offer their employees.
As a minimum, employers need to meet the legal requirements when it comes to pay. This includes the minimum wage or the national living wage and equal pay regulations.
A strong and well-structured pay and reward system can have a positive impact on recruitment, employee loyalty and employee engagement.
Pay and reward benefits
All benefits offered to employees by an employer are covered in pay and reward. This includes wages, leave and paid leave, pension schemes, flexible working allowance, development and training programs.
To be effective, pay and reward packages need to be aligned with the needs and goals of your business.
When an employer knows how to attract, retain and inspire employees they will save costs on recruitment and will find themselves seeing higher levels of staff productivity and employee engagement.
Pay and reward strategy
Employees should always be fully aware of the pay and award strategies present within their business, so they know which behaviour and performance will be rewarded, and when, why, and how they will be rewarded
Within the relation between an employer and employee the most important factor is often pay.
Companies are often challenged by equal pay issues. In order to avoid any claims of unequal pay companies need to offer consistent pay levels that allow for each employee to be treated fairly.