Getting the right people in the right jobs at the right time is only part of the equation for running a successful business; you also need to get the remuneration right too. Although few people work for pay alone it is still at the heart of the employment relationship. To ensure employee respect and confidence employers will need to ensure first that their payroll is speedily and efficiently administered. Getting pay wrong can be expensive in terms of high staff turnover and competitiveness, employee dissatisfaction and costly fines. It goes without saying of course, that the first duty of every employer is to make a profit, so communicating a sensible and realistic pay policy is vital. To achieve a coherent pay policy you will need to consider the following:
- Employee Consultation
- Market Rate
- Pay Structures
- Job Evaluation
- Minimum Wage
- Statutory Payments
- Equal Pay and Discrimination
- Incentives and Benefits
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