FSCS526 Salary Benchmarking and Related Services

FSCS requires a partner who can provide the following:

A one-off consultancy project to include the following outcomes:

•Review of organisation, accountabilities, spans of control, roles etc.;

•develop a job evaluation and pay framework i.e., levelling, functions and pay progression model;

•define appropriate markets for the roles;

•evaluate all roles using the agreed methodology;

•benchmark all roles against the appropriate market/s;

•review internal relativities and adjust as appropriate;

•review the FSCS Remuneration Policy and associated processes for implementation in view of the above, ensure that the agreed approaches to job evaluation and benchmarking, and the revised Policy are aligned;

•provide a full written report detailing all the above; including, but not limited to, the methodology used to evaluate the roles and the peer benchmarks used for each role;

•ensure that all key stakeholders understand the methodology and peer groups used for all roles, including the Executive and relevant Board Committees, senior leaders, and other stakeholders e.g., members of the People team;

•Equal Pay Audit, to identify any equal pay risks and advise on options to address any issues.

We anticipate that this work will be scoped at the beginning of the contract term.

As part of this work the service provider will be required to engage all appropriate stakeholders within FSCS.

At the time of the project, the service provider will be required to put forward a fully costed and detailed plan of how the project will be undertaken, outlining the rationale for the approach, critical activities and milestones, and indicative timelines. Any implementation will require sign off by the relevant person within FSCS before implementation.

The service provider will be required to present the findings of the project with recommendations to the FSCS Executive and the Remuneration and People Committee.

The service provider shall ensure that the ongoing service requirements are not impacted while the project is taking place.

Ongoing work:

•Job evaluation and market salary benchmarking for new and changed roles on an ad hoc basis providing a market range with quartiles and medians, and a written report including the methodology and benchmark peer groups;

•market salary benchmarking for all roles biennially providing market range with quartiles and medians;

•define ‘appropriate markets’ for all roles;

•deliver presentations to the Executive and relevant Board Committees, senior leaders, or other stakeholders e.g., members of the People team, at key points in the process in a benchmarking year as agreed at the outset or as reasonably required;

•guidance and advice on any organisational changes and impact on roles;

•ensure that any new key stakeholders understand the methodology and peer groups used for all roles, including new members of the Executive and relevant Board Committees, senior leaders, or other stakeholders e.g., members of the People team;

•perform an annual market review of salaries and the external environment affecting pay, and provide insights in the form of a report to the Executive and relevant Board Committee to inform the annual salary review recommendations, including insights on what the appropriate markets are doing/thinking, and how external factors are influencing organisation’s approach to pay awards;

•provide advice and guidance to the People Team on all aspects of pay and reward;

•provide Gender Pay Gap and Ethnicity Pay Gap reporting and recommendations for action;

•undertake all enquiries, surveys, and investigations as required, and deliver the outcomes within agreed timescales;

•submit reports to the FSCS no later than the dates specified by the FSCS unless otherwise agreed in writing.