Pay and Benefits Benchmarking review

Description

The Development Bank of Wales (‘DBW’) is seeking to engage a qualified and experienced organisation to undertake a comprehensive review of our current pay and benefits structure. The aim is to ensure our remuneration practices are fair, competitive, and aligned with industry standards, organisational values, and strategic objectives. The successful organisation will undertake an annual pay and benefits benchmarking exercise to better understand how the Development Bank of Wales Group compares to the rest of the UK market. We will be using the open procedure to undertake this project with a view to appoint a single provider for an initial 3 year period with the option to extend for a further 3 years in 12 month increments. Annual Benchmarking Report for Group The groups benchmarking report should include: o public and private sector o all of the UK o equity/tech investment comparator information o a detailed analysis of market movement/ conditions etc o Comparison of DBW pay bands to the market, to account for inflation and market movement o Reference to pay equity in all areas including but not limited to - location, ethnicity and gender. Job Evaluation and individual benchmarking We also require job evaluation methodology for each individual role benchmarked. The provider should be confident they have access to meaningful benchmarking data to the company in this field, considering the geographical locations of the DBW, to ensure accurate salary recommendations are provided for each role that has been benchmarked. We are seeking an external Compensation and Benefits specialist to provide an annual benchmarking review of our pay and benefits in comparison to the UK market, and to provide advice on any movement in the market and any changes that should be made to the pay bands, individual roles, specialisms in respect of pay, incentives and benefits. In line with best practice, we require an ongoing Job Evaluation service to correctly size roles of up to 40 per year. The benchmarking review report is required to inform the annual pay review undertaken in April; therefore the annual report would be required at the beginning of March. The Job Evaluation service will be required on an ad-hoc basis throughout the year as roles develop. Detailed descriptions will be required for the submissions, assuming no prior knowledge. Objectives Assess the current pay and benefits framework. Benchmark against relevant sector and regional comparators. Identify areas of inequity, inefficiency, or misalignment. Recommend improvements to support recruitment, retention, and employee engagement. Ensure compliance with relevant legislation and best practice. Deliverables Inception report outlining methodology and timelines. Interim findings report with benchmarking data. Final report including: Analysis of current pay and benefits. Benchmarking outcomes. Recommendations for change. Implementation plan. Presentation to senior leadership. Tenderers must demonstrate: Proven experience in conducting pay and benefits reviews. Knowledge of relevant legislation and sector-specific standards. Strong analytical, communication, and stakeholder engagement skills. Commitment to equality, diversity, and inclusion.

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