Pay Review

National Savings & Investments (NS&I) is the UK's savings bank. It is a Non-Ministerial Department of the Treasury and has about 200 staff, the majority of them in unique roles. Pay is covered by the Treasury remit but is a local system with some distinctive features, including a 6.8% bonus pot. However, there has been growing pressure to review the arrangements. Staff turnover has risen to over 15% and the overall offer - including flexibilities such as a 9 day fortnight - no longer stand out from the competition. In addition, NS&I has embarked on a programme of transformation which will change relationships with suppliers and lead to more insourcing of IT and digital skills in particular. External advice is needed on who to benchmark against, how competitive the offer is, whether the current rewards are still fit for purpose and what needs to change.