Benefits Shifts 2016: New legislation will make pay benchmarking a top priority in 2016

Pay benchmarking was cited as a top priority for nearly a third (29.8%) of respondents in the REBA/JLT Employee Benefits Shifts Research 2016, the first in a series of research reports from the Reward & Employee Benefits Association (REBA) in association with JLT Employee Benefits.

The focus on pay benchmarking is unsurprising given two recent pieces of legislation introduced in 2015, according to Debi O’Donovan, partner at REBA. “The introduction of mandatory gender pay gap reporting and the National Living Wage will have a huge impact for employers. The National Living Wage, which will come into force in April 2016, will require employers to pay all worked aged 25 and over at least £7.20 an hour. The high costs involved has the potential to impact other benefits offered by employers, and so for many of our respondents will be the core focus for 2016.”

“The introduction of gender pay gap reporting legislation, likely to come into effect in the first half of 2016 meanwhile, will require employers with 250 staff or more to carry out equal pay audits and publish any differences between their male and female employees and is also likely to prompt salary reviews within organisations,” said O’Donovan.

Find out more about the strategic priorities of reward and employee benefits professionals for 2016 and beyond by downloading the report.