Remuneration Checklist for Q4 2023

September 14, 2023

Who is responsible for making sure remuneration issues are monitored and implemented properly will depend on the size and nature of your business.  However, whether the responsibility lands with a fully supported Remuneration Committee or is “just one more thing” for a “lucky” individual to do in a start-up, the following are five areas that everyone should consider as 2023 draws to a close.

1. Managing the “rem calendar”

With schools and the sunshine returning, it must be September.  However, just because more people are back in the office, it doesn’t mean they are thinking about year-end remuneration – or even carving out time to make sure that it is discussed at a good pace over the coming fourth quarter.  Take the opportunity to put the most essential meetings into the diary now.

2. Holiday overruns

Avoid deserted December offices and uncomfortable conversations around “lost” holiday at the end of the holiday year by making sure to remind people now that holiday days need to be used or lost.  Focus should concentrate on those departments that have been busiest and been delivering the best results – this often comes at the expense of taking holiday days.  Reminding people about the holiday “rollover” policy is also likely to be a good idea.

3. Administration of bonus / LTIP plans

There is often a brief period of calm at the end of September/beginning of October before year-end focus gains momentum.  If this is the case for you, a couple of hours making sure everything is in order with the paperwork for any bonus / LTIP that you have in place – especially ones that may payout soon – is likely to be time well spent.  Similarly, are the practical steps in place to make any payments actually happen?

4. Year-end reviews.

Reports and documents being written by AI has been a common theme of the summer.  Will you need a policy in place to advise that such technology should not be used for year end reviews.  Or are you happy for AI to be used – just so long as it means that it allows managers and their teams to sit down and discuss their actual performance in person.

5. Year end celebrations

A topic people are only just starting to consider is how their business can put together an end of year celebration that complements their Work From Home policy.  As uncomfortable as it may feel in a sunny September, it is definitely worthwhile to start putting some thought into planning what will (or will not) occur – and create a strategy to communicate it.

Should you want someone to help you explore your thinking on this issue, please contact Stuart James in the first instance.

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