PWC recently launched its latest Reward Trends Snapshot Survey Report. The survey was conducted through HR and Finance Leaders in Ireland’s top companies who contributed on salary reviews between 2011 to 2013. The survey analysed key drivers of pay decisions, various incentive plans and benefits provided to employees along with any changes up or down to these plans.
The results among respondents for senior, middle management and production employees found:
- 49% expect to provide salary increase in 2012
- 60% expect a return to salary to increase in 2013 (up 41% from 2011)
- 50% expect salary freezes to continue in 2012
- 40% expect to freeze salaries in 2013
The results among respondents for financial services found 49% expect salary increase compared to nonfinancial organisations at 59%.
Gerard McDonough, Director, PwC Reward Advisory Services, said: “Companies are continuing to review the design of their remuneration packages, seeking to optimise the value they get from their mix of fixed and variable, short and long-term pay.”
This report specifically looks at some of the larger organisations across Ireland. It’s these companies that tend to overlook the errors that occur while processing payroll changes within their existing system. Specializing in Payroll for mid-to-large sized companies, Paycheck Plus too often sees the penalties companies are faced with while trying to manage all these changes. Whether inputting incorrect information or miscalculating the various tax deductions applicable to salary changes, the financial implications from over payment or under taxing payroll can be a significant loss for companies.
We can never be too careful in our economic climate. Companies are reviewing all areas of their business to ensure that processes are streamlined and cost effective in the manner in which they are done.
Download our informative guide on Why Payroll is the Number 1 Function Outsourced by Financial Executives