by HRHQ Editorial Team
Leading payroll and HR solutions provider, SD Worx Ireland, recently announced the results of its latest research which found that 30% of employers in Ireland cite pay equity as a top challenge when it comes to rewarding employees. To tackle this, nearly three-quarters (74%) of Irish organisations say they are investing in pay equity initiatives.
The independent study was commissioned by SD Worx and carried out by iVOX among 1,000 employers in Ireland to gain insights into how organisations are rewarding their employees and addressing gender pay inequity in a changing and competitive talent landscape.
The EU Pay Transparency Directive, which came into force in 2023, requires Irish organisations to report and provide transparency across key areas including pay equity and gender pay gaps. The research found that some 49% of employers in Ireland are committed to pay transparency, which would see the pay level of employees being made available to employees of similar grade in the organisation. Moreover, 43% of organisations cite pay transparency as a top challenge when rewarding employees.
As the war for talent continues to rage, businesses are adopting more strategic approaches to rewards. More than half (51%) of employers say their reward policy plays an essential role in their reputation as an employer. As such, 31% are offering flexible wage payment dates, which could include paying employees early, or paying on special request.
Some employees have the flexibility to choose how they would like to be rewarded, and 31% of employers say that workers can put together their own reward package based on an allocated budget. Aside from salary, employee rewards offered by Irish employers include bonuses and commission (53%), health and wellness benefits (48%), and vouchers (45%).
The survey suggests that the rising cost of doing business is having a significant impact on employers. Over half (51%) say that their organisation is struggling to strike a balance between attractive rewards and manageable labour costs. The same number of employers state that total wage costs are on the rise, while 42% cited wage cost pressures as another key challenge when it comes to rewarding employees.