Recruitment and market pay premiums
Additional payments for when market rates make recruitment difficult.
There is sometimes a need to supplement pay rates for roles where people with scarce skills and expertise can command a higher salary in the jobs market than the rates of pay set by our job evaluation.
The recruitment and market pay premiums policy these issues to be addressed via additional payments, known as market or recruitment premiums:
- Recruitment premiums
- Payments to help initially attract staff to a role (sometimes known as a 'golden hello'). These are sometimes paid as a lump sum, and sometimes in several stages to aid retention.
- Market supplements
- Monthly payments in order to bring the salary up to the market rate. These can be on a short, fixed-term basis or on a longer-term basis where the need for the premium is not expected to vary in the foreseeable future.
Recruitment and market premiums will only be used where there is clear evidence that recruitment is being made difficult by pay rates being low relative to other employers.
Premiums are kept under review and can be withdrawn should market conditions change.
If department thinks they have a recruitment issue they should contact their HR Partner who can provide advice on the most appropriate course of action as well as sourcing appropriate market data.