Getting the mix of benefits right is an important recruitment and retention tool alongside a basic salary. The advent of flexible and voluntary packages, as well as the ability to swap salary for benefits, has made the benefits offering more complex.

The latest annual IRS survey asked respondents to provide details of more than 30 benefits and allowances, including the level of benefit offered and who receives it. We review the findings in relation to benefits packages at 277 organisations. Keep an eye out for forthcoming instalments on health-related benefits, travel and subsistence payments, and other benefits and allowances, including long-service awards and salary-sacrifice schemes.

Other top stories in this issue:

• Directors, managers and professionals: 6.7% increase in salaries and bonuses
• Graduate salaries to rise by 2.1% in 2008

Our pay reports in this issue give details of the latest pay settlements for Abbey, the plumbing industry and the paper and board industry.

Don't forget, if you've just completed a pay review, you can now submit pay settlement data online to the IRS pay databank, or email Michael Carty to add your organisation's data to the largest whole-economy pay monitoring service in the UK.

Sheila Attwood,
Editor,
Pay and Benefits Bulletin

Pay reports recently added to the site:

Abbey: 3.5% paybill budget increase

Plumbing industry: rates rise by 4.5% in first year of two-year deal

Paper and board industry: 3.65% increase to minimum rates

Pay review update: 13 June 2008

The latest pay review update table contains pay settlements from HSBC Bank, Lloyds TSB, Selfridges, Western Power Distribution and many more.

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Statistics and forecasts

The datafile contains the most recent inflation, earnings and labour market statistics, pay settlement data and inflation and earnings forecasts. Our panel of City and academic forecasters is expecting headline inflation to fall gradually throughout the remainder of the year, ending 2008 at 2.8%. Average earnings growth is expected to average 4.1% in 2008 and 3.9% in 2009.

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Next release

The latest pay trends analysis from IRS - containing our analysis of pay settlements in the three months to May 2008 - will be released on Friday 27 June 2008. This issue will also feature a round-up of health-related benefits in 277 organisations.

Today's tip: find reward practice case studies

Are you conducting a major review of pay, benefits or grading at your organisation, and would like to see how other organisations have tackled similar issues? You can view our latest case studies from the pay and benefits homepage to read about other organisations' methods, processes and lessons learned.

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