AnewsurveycommissionedbyLatticerevealsemployee perspectives around pay policy and processes, bias in salary decisions, transparency, andmore People leaders across the UK face a difficult year ahead in navigating employee pay cycles amid rising inflation and market volatility, and new research shows that over half (53%) expect the cost of living to be a key consideration in their compensation reviews. “A convergence of factors — including increased turnover, rising inflation, volatile markets and the current cost of living crisis — are putting increased pressure on compensation cycles,” said Dave Carhart, Vice President of Lattice Advisory Services. “This report revealshowemployeeperceptionsaroundcompensation are evolving in the midst of all this upheaval – and provides important insights for leaders who will be tasked with balancing employee expectations alongside shifting business needs.” These insights come from research conducted by Lattice, the people success platform that empowers business leaders to build engaged and high-performing teams and inspire winning cultures. • As cost of living increases, workers expect employers to step up. Over half (53%) said that cost of living should be one of the most important factors considered within a compensation review, but just 26% of employees said the cost of living was currently a consideration in their company’s compensation review process. • Annual increases are not going to satisfy all employees, and they have specific increases in mind to feel valued. Nearly 30% of employees said they were looking to be evaluated for compensation increases every 3-6 months; assuming good performance, 47% of UK employees would need a pay rise of at least 4-5% to feel their work was being valued adequately. • Employees see bias, and a lack of action to address it, in compensation decisions. Over half (51%) of employees agree that there is bias around gender, age, race or other factors when it comes to the way companies conduct performance and compensation reviews; of these, 36% say their companies are not doing enough to address this. Just 30% reported that their organization was leveraging technology to measure and address pay equity gaps. Lattice conducted this research into employee compensation experiences and preferences ahead of the wide rollout of the company’s compensation product, designed to connect performance and compensation to drive employee engagement and retention. Learn more here. For more information on the survey results, reach out to press@ lattice.com. Read more about Lattice’s viewpoint on evolving compensation strategy here and in the Lattice library. About the Research: This research was conducted by Censuswide on behalf of Lattice, surveying over 1,000 UKbased employees and freelance workers (excluding sole traders) at medium to large businesses in February of 2022. Censuswide abides by and employ members of the Market Research Society, which is based on the ESOMAR principles. Over Half of UK Employees Rank Cost of Living as a Top Consideration inPayAdjustments CastleTrustBankispleasedtoannounce the appointment of Ken Stannard as an independent Non-Executive Director. About Castle Trust Bank Castle Trust Bank was launched as ‘Castle Trust’ in October 2012 with backing from leading US private equity firm J.C. Flowers & Co., initially offering investment products and specialist mortgage finance. J.C. Flowers & Co. continue to be Castle Trust Bank’s principal shareholder to this day. As the business grew, it expanded its operations with the acquisition of Omni Capital Retail Finance in 2017, adding point of sale finance to its range of services. In 2018 we were delighted to be invited to pursue an application for a banking licence, and in June 2020 we became Castle Trust Bank – a fully authorised bank. Our administration hub in Basingstoke and our City of London office already serve over 200,000 customers across our savings, specialist mortgage finance and retail finance arms. Our most recent Net Promoter Scores of +30 for our savings business, and +35 and +68 for Omni partner retailersandcustomers respectivelydemonstrate the high level of service we provide to our customers - and our status as a bank continues to provide a springboard for our plans to grow. As at 31 May 2022, our customers held over £660 million of savings with us. Our total property loan book stood at over £400 million, alongside our retail finance loan book of more than £200 million. Our ambitious growth strategy is overseen by our Chief Executive Officer Martin Bischoff, who has extensive experience in the retail banking sector, including senior roles at Santander and Royal Bank of Scotland Group in the UK and USA. Martin is supported by an experienced and prestigious Board, chaired by Richard Pym. About Ken Stannard Ken is an experiencedbanker and iNED. His executive experience covers 33 years including CEO of Cabot Credit Management plus senior positions in Lloyds Banking Group, Capital One Bank, American Express and Oliver Wyman. Ken is currently on the Boards of Cepal Hallas, Verastar and Viewture. He will join the Board in July 2022, subject to regulatory permissions. Richard Pym CBE, Chairman, said “It is a pleasure to welcome Ken to Castle Trust Bank. Ken’s appointment will broaden the extensive banking experience of the Board and his previous involvement in scaling businesses is the perfect complement to our ambitious growth agenda.” Tim Hanford, Non-Executive Director and representative of shareholder J.C. Flowers & Co said “I am delighted that Ken has agreed to join the Board of Castle Trust Bank. This is testament to the growing reputation of the bank as a specialist lender, harnessing its proprietary technology to deliver personalised customer services. Ken joins the business at a time of record performance, and his experience will help accelerate and broaden our growth plans.” Ken Stannard said “I am thrilled to be joining Castle Trust, a bank with a track record for innovation and a very exciting future. I am proud to be part of a bank that has such a vibrant culture and puts the customer right at the heart of everything it does.”
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