Reward and DEI news Edition 2

Welcome to the second edition!!

Over 3,000 people have signed up and as a thank you we are offering unique access to our benchmarking tools (see below for more info!!)

In the world of Reward

7 Signs your salary surveys may not be working

Are you still using salary surveys as the only way to get good benchmark pay data? Here are 7 signs that they may be out of date:

1. Time to hire is increasing as finding talent is hard when below market

2. You get talent in but then have to offer way above your budget

3. Hiring managers are knocking on your door with other market sources to prove your data is wrong

4. Losing lots of your talent to competitors for more pay

5. Does not keep up with local pay markets and hot spots so losing talent in specific areas of the country

6. Salary Surveys job catalog is not updated to get data on emerging roles leaving you to put a finger in the air for pay decisions

7. No one is leaving, pay is too good, above the true market, and costing the company in excess employment costs

Can you get credible data from job postings?

I believe you can (and this from an ex-reward director!) but there are some positives and negatives:

Positives

• Reflects the true market that you are competing in
• Complete market coverage - not relying on which companies have participated which you get with salary surveys
• Precise role matching - not forced into a fixed job catalog for example you can get data on an offshore wind electrical engineer rather than just an electrical engineer.
• Get data at a very local level - with surveys you may get some data cut by region if you are lucky

Negatives

• Not leveled for seniority
• Data range and not the appointed rate
• Painful to search through the job boards
• Low sample

**SPECIAL OFFER**

Our Pay Tracker LIVE tool allows you to search every job posting in the UK in just 30 seconds. As a newsletter subscriber, we are offering FREE PRO access so you can see for yourself. Simply message me to get set-up.

Reward in the news

Strikes at Gatwick

https://www.bbc.co.uk/news/business-66199180

Record Wage Inflation

https://www.bbc.co.uk/news/business-66156713

Public Sector Pay Increases

https://employeebenefits.co.uk/government-awards-public-sector-pay-rises/

50 Benefits to consider

https://startups.co.uk/people/management/employee-benefits-perks-retention/

Should paternity leave be increased to 6 weeks

https://www.independent.co.uk/life-style/health-and-families/paternity-leave-government-organisation-for-economic-cooperation-and-development-oecd-europe-b2357919.html

In the world of D&I

Does D&I lead to enhanced business performance?

Imagine being able to say to your board that if we were get 10% more women in leadership roles then we will increase revenue and customer satisfaction. To have real ROI numbers which will prove the business case for investment.

This is what we are looking to achieve in our IMPACT project and we will be holding a live event to provide some insights into what we have learned so far and how you can get involved.

20+ companies are already part of this groundbreaking work (such as Sage, DHL, M&S, Imperial Brands, Reach, Amey, Kingfisher, First Group, Galiford Try) to finally prove the link between D&I and business performance.

Book your place here:

https://www.dhirubhai.net/events/provingthelinkbetweend-iandbusi7085922595245547520/theater/

D&I in the News and other interesting things...

Major firms ditch D&I Leaders

https://www.hrgrapevine.com/content/article/2023-07-04-production-studios-ditch-diversity-officers-are-they-non-essential

Super D&I company report from Sanofi

https://diversity-equity-inclusion.sanofi.com/article/1/

DEI should not sit in HR

https://www.forbes.com/sites/forbesbooksauthors/2022/10/24/want-to-make-dei-happen-in-your-organization-hr-cant-do-the-job-alone/?sh=6f0c78439585

Employers falling short in DEI

https://www.thehrdirector.com/business-news/diversity-and-equality-inclusion/employers-still-falling-short-dei/