4.6. HR - Remuneration

The right reward

Get your remuneration packages right and you will attract reliable employees with the skills your business needs for success. Get them wrong and you will be unable to recruit these people or hold on to them. Since the remuneration package is the most visible part of any job offer, you must pitch it right to interest the right people. But even that can be easy, compared with fine-tuning the rewards to keep good people with you.

This briefing covers:

• Deciding how much to pay.
• Structuring pay and benefit packages.
• Using non-financial rewards.
• Handling pay reviews.

Rewarding performance

Productivity and high standards are important to you. Recognition and encouragement are important to employees. Incentive pay is a way for you and your employees to achieve results.

A good incentive pay scheme can motivate employees to work better for your business. A badly thought-out scheme, on the other hand, can be divisive and demoralising.

This briefing explains:

• How to set objectives.
• The types of scheme to consider.
• How to ensure that your scheme works.

Running like clockwork

Payroll is a crucial part of your operations. The government requires you to collect tax and National Insurance (NI) under the PAYE system, and imposes penalties for failure.

The many complications include processing statutory sick pay, statutory maternity pay, pension contributions, family tax credit and personal details such as personal loans and student loans. But few employees will tolerate being paid late or incorrectly.

This briefing explains:

• The functions every payroll has to perform.
• How to manage your payroll.
• The pitfalls.
• How to use payroll information to improve your business.