Incomes Data Research’s Post

This year’s Budget was a tough one in respect of employers’ costs. In particular, the reduction in National Insurance Contribution (NIC) thresholds, on top of the increase in the rate, makes this a much bigger issue than if it were a rate rise alone. It means that, in a context where labour markets remain tight or thereabouts, and the cost of living continues to be a problem for many of your employees, employers will most likely be faced with more difficult decisions on pay in 2025 than might otherwise be the case. IDR’s Pay Climate service is here to support you in navigating these complex issues. Our service provides critical insights to help you make informed decisions, including: - Comprehensive data on pay award trends across the economy and within your sector - Current inflation data and projections for this key economic indicator - An in-depth view of labour market conditions.

Pay Climate: out today! This issue looks ahead to employers’ plans for pay in 2025, with a focus on the results of our recent survey. One of the striking aspects of the findings is the way in which, although inflation has begun to come down, the cost of living still plays a prominent role in employers’ reward considerations for the coming year. The survey also shows that labour market pressures look to be easing, but most organisations are still experiencing some sort of recruitment or retention difficulty. While respondents have told us they intend to award lower pay increases next year, that looks to be already happening to some extent, according to our latest analysis of pay awards. With inflation having ticked up slightly recently, the immediate outlook for this key variable will be relevant, and I’m sure readers will also be interested in our review of the new Labour government’s plans for employment legislation. Good luck to all!

Have you accessed our latest research report, the 2024 State of Pay Equity Policies and Practices? We gathered data from compensation professionals in 256 large organizations, between February and April of 2024. The study provides insight into their pay practices and how they approach pay equity. 🔑 A couple key takeaways from the report: 📒 Some organizations conduct a pay equity analysis on total cash compensation or total direct compensation. This isn't wrong per se, but it is not actionable since it doesn't reveal which component of pay needs to be adjusted if any inequity is discovered. Pay equity analysis should be conducted separately on each component of pay. 💲The most commonly cited barrier to establishing pay equity is the cost of correcting inequities that are identified. This fear is misplaced because even when resources are limited, there are ways to make progress on addressing pay inequities. See more findings in the full report (linked in comments) >>> #PayEquity #Compensation #Survey Trusaic Gail Greenfield Mark Dwyer Empsight

The Compensation Planning Outlook 2025 is out. This is a great source for organizations to use. The survey costs, but some general stats are posted in their link below: https://lnkd.in/g3F8YvSK

Many employees struggle with financial stress, impacting their well-being and productivity. DailyPay’s Ed Zaval sheds light on how Earned Wage Access can play a vital role in helping your employees meet their financial objectives.

Standard Candle HR is excited to announce the launch of our new Redundancy Guide for Employers in this month's blog, "Navigating Redundancy: Avoiding Common Pitfalls. In today's increasing labour costs, inflation, and interest rate hikes, businesses often look for ways to improve efficiency. This leads to discussions about redundancies and how to implement them correctly. When handled with empathy, transparency, and procedural fairness, redundancies can enhance efficiencies and reduce costs. As a FREE resource, this guide has been developed to serve as your primary source of advice on redundancies. Instead of searching the internet for potentially outdated or non-compliant information, use this guide as your first point of contact for free, reliable advice. Read the full blog and access this comprehensive guide; click the link below 👇 https://lnkd.in/gt-DnwjU #redundancies #freeresource #guide #redundancyguide #empath #proceduralfairness

Standard Candle HR is excited to announce the launch of our new Redundancy Guide for Employers in this month's blog, "Navigating Redundancy: Avoiding Common Pitfalls. In today's increasing labour costs, inflation, and interest rate hikes, businesses often look for ways to improve efficiency. This leads to discussions about redundancies and how to implement them correctly. When handled with empathy, transparency, and procedural fairness, redundancies can enhance efficiencies and reduce costs. As a FREE resource, this guide has been developed to serve as your primary source of advice on redundancies. Instead of searching the internet for potentially outdated or non-compliant information, use this guide as your first point of contact for free, reliable advice. Read the full blog and access this comprehensive guide; click the link below 👇 https://lnkd.in/gy8UFqaP #redundancies #freeresource #guide #redundancyguide #empath #proceduralfairness

Many employees struggle with financial stress, impacting their well-being and productivity. DailyPay’s Ed Zaval sheds light on how Earned Wage Access can play a vital role in helping your employees meet their financial objectives.

Many employees struggle with financial stress, impacting their well-being and productivity. DailyPay’s Ed Zaval sheds light on how Earned Wage Access can play a vital role in helping your employees meet their financial objectives.

Many employees struggle with financial stress, impacting their well-being and productivity. DailyPay’s Ed Zaval sheds light on how Earned Wage Access can play a vital role in helping your employees meet their financial objectives.