This Episode: 2023 Pay Review Trends – with Rameez Kaleem

Rameez Kaleem is the founder and managing director at 3R Strategy, an independent reward consultancy, as well as the author of ‘A Case of the Mondays: How to build a culture of trust through pay transparency’.

Rameez joins Lucinda to talk about the research in which he has been recently involved – Salary Trends for 2023 – a highly topical subject that has far-reaching implications for anyone in employment.

Key Takeaways

  • The research was carried out in order to find out how organisations are managing pay and giving insight into market practice and budgets being set.
  • The median pay budget for 2022 came out at 4%, with slight variations. The numbers for 2023 saw an increase to 5%.
  • There is a lack of variable pay in the public sector, charity sector and education sector, within financial services there was a higher budget in the upper cortile.
  • Help with cost of living increases have come in variable ways from organisations trying to do what they can to retain and attract their people. Sometimes it is a lump sum, while some offer an increase in overall salary. In all cases, these payments are meant to be meaningful.

Best Moments from 2023 Pay Review Trends – with Rameez Kaleem

‘This year in particular, with record inflation, it was a topic for a lot of HR professionals’

‘Most organisations have tried to have payments that are meaningful’

‘While performance can fluctuate from year to year, behaviours tend to be more consistent’

Valuable Resources

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About The Guest, Rameez Kaleem

Rameez Kaleem has worked in reward for 20 years, initially as a consultant at Willis Towers Watson and then a number of in-house reward roles. He likes to take a collaborative approach to reward, working with clients, listening to their needs and working together to introduce a fair and equitable approach to reward.

Lastly, in 2015, he founded 3R Strategy with the vision of enabling organisations to be fair and transparent with how they manage pay.

About The Host

Lucinda Carney is a Business Psychologist with 15 years in Senior Corporate L&D roles. Lucinda also has a further 10 as CEO of Actus Software where she worked closely with HR colleagues helping them to solve the same challenges across a huge range of industries. Certainly, it was this breadth of experience that inspired Lucinda to set up the HR Uprising community to facilitate greater collaboration across HR professionals in different sectors, helping them to ‘rise up’ together.

“If you look up, you rise up”

How To Be A Change Superhero – by Lucinda Carney

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