2022/23 Salary Ballot Result

Friday, January 27th, 2023

The final result of the ballot was:-

Accept the offer              94%              

Reject the offer               6%

Turnout              62%              

Thank you for your continuing support.

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Salary Ballot 2022/23

Tuesday, January 10th, 2023

As you are aware we submitted our pay claim to the Company in November last year.  We asked for an across the board increase plus a small merit pot to reward performance.

Our aim was to ensure that lower to middle earning colleagues receive a higher merit pot so that the cost of living increases (which impact the lower paid most) are mitigated as much as possible. In addition, feedback from Unite Representatives in other finance sector companies was fed in to the negotiations.

The Company initially proposed salary bandings differentiating between those colleagues earning less than £49,999 and those earning between £50,000 – £99,999. We are pleased that the Company took on board our feedback and agreed to increase the threshold of the lower salary band from £49,999 to £74,999, as well as the proposed minimum increase in the lower salary bandings. For those earning under £74,999 who are eligible, there will also be a  one-off payment of £500, the overall package therefore ranges between 8.75% and 11.9% which is on a par with the average RPI of 9% in 2022.

Following negotiations the Company has now proposed the following final offer:

As you can see, this year has been very different in the approach to pay increases and salary bandings, this has been done to ensure middle to lower earners have some protection from the current cost of living crisis. We have worked with the Company to agree the Manager’s Guidelines and are pleased that the starting point for those rated ‘good & effective’ will be the merit pot (you may see this referred to as the “budgeted amount” in any Company communications) for their salary banding. The minimum increase for your salary band will be the starting point for anyone with a ‘building performance’ rating.  There are a small number of exceptions to this which will be shared with managers when the process opens but we feel these are sensible and have no material concerns.

We have also secured a commitment from the Company that if the cost of living crisis worsens during  2023, they will enter into discussions with us to consider how they could help mitigate any further financial impact to members.

It is now up to you, the members to decide whether you want to accept or reject the Company’s offer. Unite believes that this is the best possible offer that can be achieved through negotiation, the offer sits on a par with or better than other finance sector companies where Unite has recognition and we would recommend acceptance.

The ballot is open until 5pm on Tuesday 24^th January.

Thank you as always for your support.

*Please note that if your April 2023 salary increase takes your annual FTE salary over £74,999 you will not be eligible for the one-off £500 payment in May. This is because you will be in the higher salary band (£75,000 – £99,999) as at 1 May 2023 and the one-off payment doesn’t apply.

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