Survey: Reward management survey
The CIPD has launched its 17th reward management survey. Divided in to six key themes, the survey sets out key findings, recommendations and implications for practitioners.
The six themes covered are: the impact of Covid-19 on finances, pay decisions and forecasts; management of base pay, variable rewards and recognition; employee financial wellbeing; employee benefits; reward fairness; and living wage.
- The pandemic has impacted employers’ pay decisions in 2020 and forecasts for 2021, with predominant trends being pay freezes and the deferral of pay decisions.
- Half of those employers surveyed do not have a financial wellbeing policy in place.
- However, 12% of employers are either introducing – or planning to introduce – a financial wellbeing policy in direct response to the pandemic, while 24% are investigating its impact on employees’ financial wellbeing so that they can identify the right kind of support.
- Most employers that have recently signed up for Living Wage accreditation did so because of the key benefits accreditation brings, including improved employer and customer brands and employee engagement.
- Employers are increasingly considering ways in which they can make their reward decisions fairer. With renewed interest in inclusivity in reward policies.