Compensating for a pay freeze - Supply Management

Compensating for a pay freeze

12 September 2011
Buyers know all about measuring value (or at least they should), so it would be interesting to learn the response if they were asked the same question respondents to a survey by the Chartered Institute of Payroll Professionals were posed. The research found 48 per cent of staff believed they are paid less than they are worth, and 9 per cent thought they are paid “considerably less” than their value. It also showed that a pension scheme was the most popular employee benefit organisations could offer, followed by a healthcare plan. But, unsurprisingly, receiving a higher salary topped the poll when asked what the most important thing to them was. But according to a separate survey of HR directors conducted by supplier OfficeTeam, only 11 per cent of companies plan to increase pay in the next year. Instead, organisations are turning to alternatives to hold onto their best staff and boost morale, such as flexible working (61 per cent of firms) and introducing environmental plans (54 per cent). What alternatives to a pay rise – or benefits as suggested above - would add value to your job?
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