Strategic thinking on pay remains limited
Less than a fifth of organisations have a written reward strategy, according to a survey by IRS.
Key aims of the strategies cited by respondents include:
As would be expected, respondents form the largest organisations (those employing more than 1,000 people) were more likely to have a written strategy. Among the smallest companies, just one in ten (11%) had formalised the strategy into a written document, compared to just under a quarter (22%) of the largest.
A fifth of respondent organisations have either conducted an equal pay audit or were in the process of doing so. But a quarter of organisations had no plans to do anything in this area, and a further quarter said they wanted "to keep this informal".
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Title: "Building a reward strategy", IRS Employment Review 823/Pay and Benefits, 13 May 2005.
Sample size: The fourth annual HR prospects survey by IRS drew responses from 487 organisations, together employing 2.7 million people. As many as 49% of respondents were from the private services sector, while manufacturers accounted for 29% of participants and the public sector 22%.
Availability: To purchase this report contact the subscriptions department at IRS in London, tel: 020 8686 9141 or visit www.irsemploymentreview.com