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19 Aug 2022
by Elizabeth Howlett

Top 10 stories from this week: Keep calm and pay on

Inflation is causing the sharpest fall in real pay on record and some organisations are responding by issuing one-off bonuses to their staff.

There has been much debate in the news over the past months about whether organisations should raise pay, offer cost of living bonuses or if they should keep wages at the same level – and reward professionals are likely feeling the pressure from employees. 

But Nye Cominetti, senior economist at the Resolution Foundation, told People Management that there is currently no evidence of a turbulent economic shift, such as rising unemployment or a mass return back to the office to combat bills. He said  “whether these trends materialise in the months ahead will help determine the scale and distribution of the latest economic crisis”.

No one has a crystal ball, yet this insight highlights the key economic indicators for employers to look for as a sign that things may worsen. In the meantime, reward and benefits professionals that find themselves without finger nails during this period of uncertainty may be wise to prepare for the worst but hope for the best.

For more reward and employee benefits news you might have missed this week, read our top 10 snippets below.

Inflation drives the fastest fall in real pay on record, but what does that mean for business?
People Management With real pay declining and the number of job vacancies growing, People Management asks the experts what the government and organisations can do to help rectify the ongoing problems. Read more

35% of employers will not change pay despite rising living costs
Employee Benefits More than a third (35%) of employers are not planning on making any changes to pay policies in light of the current economic environment, according to research. Read more

New funding proposals threaten ‘the demise of DB schemes’
Pensions Expert New defined benefit funding rules may lead to “potentially severe outcomes”, consultancy LCP has warned. Read more

Trustees face track record challenge with ESG funds
Professional Pensions Trustees are facing challenges over the lack of long-term performance track records for sustainable funds as well as issues with the availability of such strategies, latest research find. Read more

First neurodivergent work support programme launches in UK
HR Magazine Neurodiversity charity Salvesen Mindroom Centre has launched the UK's first support programme for neurodivergent workers. Read more

More than 1 in 10 female leaders experience boardroom discrimination
HR News A new study by Russell Reynolds Associates shows that over 10% of female leaders in the UK encountered workplace discrimination in the last year. Read more

Major increase in the proportion of over 65 year olds in employment
Corporate Advisor There are over 500,000 more men than women working in this age range, showing a growing disparity between the number of men and women in this category since the pandemic, according to recent ONS data. Read more

80pc of employers support ‘green’ workplace pensions
Corporate Advisor Employers place a greater importance on adopting responsible pension investment strategies than their employees, according to new research from Aviva. Read more

Hybrid working could be doomed by a failure to protect organisational culture
Workplace Insight A new report from Poly warns that hybrid working policies could be destined to fail if organisations do not protect company culture while facilitating “a return to office”. Read more



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