Understanding what to pay employees is a challenge for companies but, for manufacturers, help is at hand.
Manufacturers’ organisation EEF, who research and provide pay data in the sector, have a series of pay reports designed to assist HR professionals and those making pay decisions.
The pay benchmark series are a well-respected set of benchmark reports that deliver salary information from shop floor to top floor. The Workforce Pay Benchmark is the starting point for those interested in gauging the market rates for manual employees and staff workers up to supervisory level. This detailed report gives a job by job breakdown of basic and total pay rates at a national and regional level.
For those wanting to assess management pay and bonuses, they need look no further than the Professionals’ Pay Benchmark, which covers pay and bonuses for over 80 engineering and management roles and if that is not enough it also summarises benefit entitlement.
However, what makes this series invaluable is the Directors’ Pay Benchmark, where remuneration, bonuses and benefits for 13 directors, including Managing Director can be found. Plus this report (as with the rest of the series) is specifically geared towards the manufacturing and engineering sector.
High turnover of employees and loss of staff to competitors are some of the many issues that manufacturers face. These reports can help ease the uncertainty of what the market rate is for a job and help manufacturers feel confident that they are paying the right amount to recruit and retain their workforce.
Readers of The Manufacturer can now experience the benefit of these reports for themselves, with an offer of a subscription to all four reports (there are two Workforce Pay Benchmarks produced annually) for the reduced cost of £1,496 (+ VAT), which is a saving of 25% on the full price.
The reports will be published throughout 2013, with the Directors’ Pay Benchmark and Workforce Pay Benchmark, Issue 8 2013, ready for immediate send out. The remaining Workforce Pay Benchmark will be published in September and the Professionals’ Pay Benchmark in November.
To order your subscription to the pay benchmark reports, please go to: https://www.themanufacturer.com/eef-pay-benchmarking-report/
Or for further information email: [email protected] and quote TMPB2013.