Continuing our series on employment strategies Gary Hull director of employment solutions at PricewaterhouseCoopers LLP explores the pay strategies for lower-paid employees and their tax implications
The importance of a cohesive reward strategy is well established. An effective strategy can assist with recruitment of staff in a competitive market and help to motivate and retain existing employees. Recruitment and retention are especially important in sectors where there are low-paid workers and where staff turnover can often reach 40% per annum.
However these businesses can do a great deal to differentiate themselves.
Most reward initiatives aimed at lower-paid staff tend to fall within three
categories:
● incentives which have nil or minimal cost to the business;
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Continuing our series on employment strategies Gary Hull director of employment solutions at PricewaterhouseCoopers LLP explores the pay strategies for lower-paid employees and their tax implications
The importance of a cohesive reward strategy is well established. An effective strategy can assist with recruitment of staff in a competitive market and help to motivate and retain existing employees. Recruitment and retention are especially important in sectors where there are low-paid workers and where staff turnover can often reach 40% per annum.
However these businesses can do a great deal to differentiate themselves.
Most reward initiatives aimed at lower-paid staff tend to fall within three
categories:
● incentives which have nil or minimal cost to the business;
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
