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Employee reward and benefits news
Half of firms planning below-inflation pay awards, research shows
Half of businesses are planning to offer their employees below-inflation pay awards or targeted pay rises, a new report maintains.
Research conducted by the Confederation of British Industry (CBI) and Harvey Nash revealed that 48 per cent of businesses will give below-inflation employee rewards while 20 per cent are actually option for a pay freeze.
The Agency Workers Regulations were implemented six months ago, and 46 per cent of respondents were affected by the new rules, which state that after 12 weeks of employment, temporary agency workers will have the same employee benefits (including basic pay) as if they had directly joined the company.
As a result, 57 per cent of workers have stopped using as many agency workers, and eight per cent have stopped using them completely, and so these regulations are having a negative impact on job opportunities for agency workers.
85 per cent of respondents said their employees understand the need to limit expenditure, and adapt how they work depending on market pressures.
Thomsons Online Benefits can show you how to derive real value from your employee rewards, ensuring they meet business objectives and engage employees.
Posted by Editorial Team
July 24th 2012
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