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08 Nov 2019

Emerging trends: pay streaming and pay transparency

The future of work is an incredibly diverse and complex subject, and although we can speculate about what the jobs of the future will be and what our workplaces will look like, one thing is certain; everyone will still want to be paid.

Two of the emerging trends that we’re seeing right now are the call for greater pay transparency – not just for those at the top but for every employee – and the move towards paying people in real-time.

This year’s keynote speaker at REBA’s Innovation Day is Matthew Taylor, CEO at the Royal Society for the encouragement of Arts, Manufacturers and Commerce. His opening session on the future of work will look at how modern working practices are transforming the workplace and leading to calls for pay-as-you-earn in real-time. He’ll consider what this means for employers and argue that, in a world of increasing transparency, data and automation, clear, well thought through values and purpose are crucial to avoid damaging the employer brand.

Delegates will also hear from Michael Ellis, assistant HR director at NHS Frimley – an organisation that has recently implemented income streaming for its workforce. He’ll outline how to transform staff financial wellbeing with income streaming, and how it used a staff survey and strong employee wellbeing strategy to listen and implement the benefit. In this interview-style session he will also discuss how this solution motivates and retains staff.

Pay transparency is another key issue that is gaining traction. Not just in terms of high pay and the gender pay gap, but also around ethnicity, disability and class. This is leading to calls for greater pay transparency, but this also adds to the complexity around pay and how to communicate differentials.

David Pepper, head of EMEA North at Beqom, will consider how pay transparency will evolve in the future, and what risks there are around being more open about pay – will it improve employee perception of their total reward and engagement? He will also discuss whether machine learning or AI can help or hinder compensation management and fairness in pay.

The REBA Innovation Day offers a fantastic and important opportunity to discover emerging trends and practices in the world of reward and benefits. How are forward-thinking employers developing their strategies? What are the latest innovative benefits offerings? How can technology help us humanise our organisation? How do we build engagement and evolve culture?

Find out at REBA’s Innovation Day taking place on 28 November at ETC venue, 155 Bishopsgate, London. Read the full agenda and register to attend.