Why 0

Within Orbit there are instances where director pay is £0.

Users sometimes question why this is, so we have developed a series of tooltips which provide greater clarity why we think the director remuneration for that year is £0. This shares with users the rationale we have used in estimating why a director is receiving no salary within that role.

Where director remuneration is £0, a tool tip has been created indicating why we estimate it as £0 due to one of the following reasons:

• It is a not for profit organisation

• Non earning role i.e. a company secretary or voluntary position

• The company is dormant and as such has no ongoing income or operational expenses

• No employees were reported so no one in the company is getting paid*

• Total Director Remuneration is £0 so despite having employed directors they are not getting paid

• Limited financial activity within the company indicates no significant income or expenses which then indicates directors are not getting a salary.

It is important to note that some foreign companies (i.e. those not registered / incorporated in the UK) do appear on our Orbit platform but given reporting differences / lack of transparent reporting director remuneration is often not reported / available to be estimated. Where this tool tip is shown you are encouraged to undertake further research to establish potential director income. 

*Whilst not getting paid directly as a director, some named directors might be billing the company via their own service company / consultancy, thus not showing in financial accounts as a director salary!

Predictor

As one of our key proprietary tools that support a number of Code-FI / Orbit functions the algorithms within the predictor have recently had an update. 

These changes, whilst mathematically complex, enable a better curve of results to be generated, thus giving a better reflection of predicted company turnover, profits and valuation.

As a reminder, the predictor can be used directly within the code platform as a standalone tool or is embedded in some of the Code-FI / Orbit calculations where there is a lack of published information enabling users to make a better informed decision on the size and valuation of a business or director remuneration.

Corporate Donation

As we look to expand the breath and accuracy of our corporate donation tool within Orbit we have made some additions to support your research. 

Using our own research of company annual reports and utilising data published by CAF we have now added the actual corporate donation levels of the UKs biggest 100 companies. 

The actual donation levels on our platform are shown both in terms of actual money and as a percentage of profit before tax. This is now available on the company page of the UKs biggest 100 companies. 

For example you will see last financial year Tesco donated around 270m to charitable causes, equating to just below 12% of their profit before tax. Tesco topped the list of companies in terms of giving as a proportion of their profit before tax.

This data set is being expanded over the next few months along with data updates to smaller companies that will give you greater insights and confidence in planning and executing corporate donations and targeting. 

AUS June User Group Blog

Many thanks to those who attended this month's user group. It was a slightly different session where we focused on social media as a source of wealth and awareness enhancements. Those who attended asked lots of good questions and shared their views on what is quite a complex topic. 

Jon started off the session discussing recent trends in giving and donor engagement and how there is a downward trend, thus making it harder to secure donations and engagement to campaigns. There was also a brief discussion on the challenges facing HE at the moment which is putting resource pressure on philanthropy teams and the needs to raise more to plug financial gaps.

The session then moved onto the difference between old (inherited wealth and property), not quite so old (high earnings, shareholders, owners and new money (such as bitcoin traders, and social media stars). We looked at the top earning Instagram influencers in Australia and noted the blend of actors, musicians, sports stars along with people who are famous only for being on social media. 

The session then highlighted how some social media channels that are targeted at certain age groups / population subsets can earn more than other influencers as there is more marketing spend allocated by companies to these population sub sets. Furthermore there are clear commercial sales potential (i.e. selling toys, golf clubs, expensive tools etc).

The session then shared some broad figures on what youtubers can earn from their posts and how this can scale up quite quickly, especially if targeting certain audiences / product linkages.There are also a number of sources that consolidate the number of views and also subscriber growth over various times to help you identify those channels  / influencers that are seeing significant subscriber growth. 

The group then discussed

• Engaging influencers / social media content creators

• Direct donations

• Brand / organisation exposure

• Current organisation policy on accepting donations / engagement from social media

• Ethical issues and lack of transparency of earnings such as from bit coin / crypto 

Thanks to all those who attended and we look forward to seeing you at the next one!

UK and US June User Group Blog

Many thanks to those who attended this month's user group. As normal it was a fast paced session covering quite a wide range of related topics, seeing you all ask a number of questions which was great!

The sessions started off addressing the differences between book value of equity and the market value. The book value is simply total assets less total liabilities. This is termed net assets or shareholder funds (along with perhaps a myriad of other terms!). Whilst the book value of equity is used in some circumstances such as covenant testing etc, it is not really an appropriate way to value a business (unless real estate). 

An example was given on Tesco and how its market value is over twice the value of its net assets. For many businesses they are worth more than the value of their net assets - taking Coca Cola as an example given the large amount of intangible assets they have. 

Functions on code such as smart valuation accompanied by the predictor can support Code-FI users in estimating a market value of a business which is much better aligned to establish the wealth and giving capacity of prospects than net assets. For completeness real estate business (i.e. developers and owners of large amounts of real estate) should be valued on the net asset value of the business. We will look into this future in a future user group session as there are some complexities!

The session then addressed the different type of voting vs non voting shares along with alphabet shares (ie A, B C etc classes and implication for voting and dividends).

Jon then discussed acquiring and how some small technology / AI / software development companies are getting bought out by some of the bigger tech companies on the basis of a value per senior developer. In some cases this can  be in excess of £1m per developer. Often these companies are being bought to gain access to the developers rather than the underlying prospect they have been developing.

During the session several questions were asked with a brief summary of Jon's responses below. 

Q: When is the best stage to approach companies for a donation / pre-exit philanthropy?

A: Before series A is the best point. Series B and C is too late.

Q:How do I identify these smaller tech companies on Code?

A: Company search function on Orbit / select the relevant sector and sub sector, add in any financial search filters (such as turnover under 10m), filter those companies established in the last 5 years. 

Q: What are the characteristics of tech companies we should be looking for?

A; Small, growing companies that have potential. Review alumni / network / contacts for anyone in this sector. Establishing what they do, their revenue and their likely success is very hard so play the numbers game and get fundraisers involved to build long term relationships with them.

Thanks to all those who attended and we look forward to seeing you at the next one!

Code User Group Blog: April 2025

This month's user group focused on director remuneration. 

The session started out by clarifying the difference between an executive director, non executive director and a regional/product director. 

Jon quickly worked through the director hierarchy (in pay terms):

• CEO

• CFO

• CTO

• Other executive directors

• Chairperson

• Regional / product directors 

• Non-execs

It was noted that in the US roles such as Vice principal / Chair can differ  with some holding a dual chair/CEO role. 

Jon then discussed how there is often role elevation in certain sectors such as investment banking and consultancy where mid level staff are also called directors. However the core focus for today's session was board level executive directors. 

Jon then shared some data showing that US executives were paid considerably more than those in the UK, but in the last 12 months this gap has narrowed slightly. What was interesting was bonuses were up quite strongly during 2024 despite some of the economic turbulence. It was pointed out that bonuses and especially dividends are typically used to give bigger donations, given salaries are often ‘accounted’ for in personal budgeting. 

Jon also noted that it is important to appreciate that executives operate within global marketplace for their talent and as such salaries in public vs private firms are not as different as many first think. The top 50 listed companies will clearly see executives paid the most, but below that differences can be minimal. It was noted that the composition of pay between public and private companies is different as bonuses in public companies are typically a mixture of cash and shares (all shares for LTPS) whereas in private companies it is normally all cash (thus making better donation potential).

Jon then went on to discuss the fundamental components of director pay

• Base salary

• Bonus

• LTRs

Following some questions from Code-FI users jon outlined why a director might be getting paid 0. This included:

• Inactivity:  The company is reported as Dormant or there is no trading activity.

• No Employees Reported: As directors are also employees, directors will not have received any remuneration directly. Jon stressed the importance of checking if the company is part of a holding company or group where the individual may be receiving remuneration from instead. Earnings may also be received if they are Owner or Shareholder via Dividends or invoicing via their own company. 

• Total Director Remuneration reported is £0

• Limited Financial Activity: the company is showing limited evidence of financial activity that would indicate a remuneration for directors.

The session then proceeded to discuss where a director is getting paid 0, it's unlikely that they will be working for free. Therefore reviewing the group structure is important as it will highlight where the director is ultimately getting paid from, ie:

• Group

• Holding company

• Private equity

• Venture capital etc

We mentioned typical bonus periods, normally at the very end or start of the year and reviewed an example of director remuneration report in the Next Plc annual report. 

Any questions from todays session please drop us an email. 

Code Updates: Orbit Launch

Hi 

We're pleased to announced the launching of Orbit on Code-fi.

Orbit is purposefully designed for philanthropy and allows users search over 30m official Companies House records with automated live wealth & capacity ratings. 

On the left navigation bar on Code-fi you'll now notice an expanded section called Orbit, covering:

1. Person Search - search official Director and Person of Significant Control records by name, DOB or location. Find new prospects in an area by just searching a location or postcode. 

2. Company Search - search by company name or number for a full company report with automated company values, precise share values even for minority shares and corporate donation potential.

3. Prospects - add prospects to lists, analyse, edit and export all data for your research. 

For an outline of Orbit, explore the brochure here >

The product is still in Beta, so there's some polishing to do around some of the algorithms and data, with more exciting things to come!

As valued subscribers, please do feel free to ask questions and feedback. We'll also be covering Orbit in the next UK User Group.

Happy prospecting!

Code Updates: Stop Function

Hi

Given the depth of our data and analytics there are occasions where a person search takes a little while to return the results. We are continually working to enhance the speed at which results are returned and additional development to address this is expected in early 2025. 

Following requests from users, we have now added a 'Stop' button in the Person Search tool to enable you to stop a search mid-way into it. This immediately stops the search and allows you to either refine the search criteria or undertake another search.

Thanks

Jon

Code Updates: Additional Search

Hi

We have now added an additional feature to the Companies House Person Search tool.

When researchers are looking for wealth in an area, they may search Chester and find an interesting person they wish to do more research on. Essentially, wanting to explore if they have any other directorships or ownerships

We have now added a new icon that appears next to the name of each result.

By clicking on this it will then open a new tab and searches for any other directorships / ownerships that individual has.

Hopefully this little addition helps!

Thanks

Jon

Ps It was pointed out there were some issues in searching for indivdiuals with doubel barrelled surnames - this has also been resolved!

Code Updates: Corporate Donation

Following a request, Corporate Donation now permits the use of Operating Profit or EBITDA when estimating the annual donation potential of a company.

When using the tool, enter only 1 financial input. The list is ordered with the input which will give the most accurate result at the top (Operating Profit) to the least (Net Assets). You are advised to enter the highest ranked input you have access to.

Thanks,
Jon

Code Updates: Role IQ and Location Data

As we continue to expand the Code-FI specialist roles data set we have now beta launched Location data and Role-IQ in Specialist roles. 

As this is a beta launch we have have only made this available to some selected US roles namely:

• Fund management

• Legal

• Investment Banking

• Hedge Funds

• Private Equity

Role IQ

Role IQ has been designed to support your understanding of different sectors / rules and provide help in role identification. Where you see the Role IQ symbol you can expand the information box to gain additional detailed insights. 

Role IQ provides guidance on:

• Sector Overview

• Role Overview

• Remuneration and benchmark firms

• Key Dates and Times for ask planning

• Key Questions

• Modifier Guidance - to enable further tailored remuneration levels

Location data

We recognise that remuneration varies not just based on role/experience but also which city / town your prospect works in. 

Some of the regional remuneration differences can be quite stark and we are now beta testing the additional location options where there are clear regional differences in remuneration. 

We hope these newly planned features are useful and we welcome user feedback so that we can enhance these prior to a wider roll out.

Thanks,
Jon 

Code Updates: Company House Additions

Firstly, I hope you are finding the Companies House module useful and we appreciate the ongoing feedback users provide us. As you know we are continually developing this resource, both improving existing metrics and adding additional functionality.

As part of this process we have made some further additions to the Companies House Module that are available now.

Speed
Given the sheer scale of the data set and analytics that are used for each search, we are continually striving to improve the speed in which results are generated and users ability to navigate between results pages. 

Having enlisted some external support and made some changes to our database construction we have seen some improvements in speed. We hope to make further strides in a few months to improve it even further. 

Wealth Filters
To compliment the wealth creating and current/non-current role filters we have now launched our Pyro Wealth Filter ©. This enables users to search by postcode / town for prospects who demonstrate emerging, mass affluent or high net worth + characteristics through their director / ownership roles.

The analysis used to derive this is complex and we will be constantly reviewing and improving the algorithms that are used to provide even greater insight. Additional exciting developments are planned for this feature in 2025! 

Clarification on missing data
Where a company doesn't report turnover or profits, results now show NR (not reported) to provide reassurance this data is not available. Additional tool tips on results have also been created, for example showing that dividends are not applicable to directors (unless of course they are also a shareholder!). 

Director Salaries
Following the culmination of a large project, we are now utilising additional information sources within companies house / annual reports to enhance the accuracy of director salaries and where reported, actual director salary. Supported through the construction of additional modeling, estimated / actual director remuneration packages will be enhanced. Please note the enhanced data is being rolled over over the course of the next few months and has already started appearing on Code. 

Data Enhancements
Enhancements have been made to our data / algorithms that better capture remuneration in smaller companies and the impact that shorter time in service has upon pay / bonuses. 

Search Functionality
Prior to commencing your search you now can easily choose between a director or person of significant control (owner) search. Simply select the applicable radio button and hit search!

Upcoming
Company search and Pyro company insights are coming soon…watch this space!!!

As always, thanks for your ongoing support and feedback and we look forward to continuing to enhance the Companies House module over the coming months.

Thanks,
Jon 

Code Updates: New Buy Out Tool integrated into Smart Valuation

Whilst owners can be wealthy on paper, it is only once a shareholding is sold that wealth becomes liquid / realised. Therefore identifying companies where there is more sales activity enables researchers to prioritise prospects. 

Previously Buy Out was a standalone tool that required additional information to use. Following user feedback it was clear some of the information required to fully utilise this tool was hard to reliably establish. 

In order to support additional prospect prioritisation we have therefore redesigned the Buy Out tool, now generating an automated score fully integrated into Smart Valuation. 

Following some additional data analysis and beta testing, every time you undertake a company valuation (Smart Valuation) the Buy Out score is now automatically calculated using the information you would normally input into the Smart Valuation tool. The Buy Out score is also established when creating a Profile for an owner. 

The Buy Out score is driven by a number of broad factors such as:

• Economic conditions

• Company size

• The sector

• Country

The Buy Out score is out of 5. 

The higher the number the higher the M&A / Buy Out / IPO activity there has been in that sector for a company of that size. 

Those sectors where there is limited Buy Out activity would indicate that the near term prospects for a company sale are more limited and have a lower Buy Out score.

Thank you,
Jon

Code Updates: Notepad

As a global resource, we know that researchers have different styles and approaches to their work. With Code-fi we aim to support all these differences.

Some researchers prefer to go into more depth on their prospects, whereas others prefer to keep their analysis top level or quick in a fast paced team.

For those who like to go into more depth, we have Profiles. This allows researchers to build up an overview of prospects wealth, providing automated insights on Career Earnings, Long Term Reward cycles and liquidity.

For those who prefer to keep things more top level, we have added a new Notepad function.

Notepad can now be found on the top right of the nav bar:

The icon circled in red. Bigger image of the icon below:

Click to expand and quickly populate with key sources of your prospects wealth. Add percentages to build your gift capacity, and export your work.

Happy prospecting!
Jon

User group summary: August 2024

Background
In previous user groups and training sessions our focus has been on the wealth accumulated by General Partners at private equity and venture capital firms. However, this session we investigated what the implications are for business owners when being bought out by Private equity or receiving an investment from a VC fund.

We started the session by clarifying that:

• Private equity typically buys entire companies (typically more mature organisations) – with the majority being the purchase of private / family businesses. The purchase price is paid to shareholders (albeit subject to conditions outlined below)

• Venture capital invest money in smaller, high growth firms in return for some equity (i.e. ownership). New shares are created by the business (not sold by existing owners) thus diluting existing shareholders ownership %. The money raised goes into the business to support growth, marketing, R&D etc and does not go to shareholders.

Private equity acquisition types and tax implications
When a private equity firm buys a company, the structure in which the acquisition takes place can have a significant impact upon the tax paid by the owner.

• Asset purchase – the target company remains in force, but some / all of the assets are sold. This is less favourable from a business owners tax position.

• Equity purchase – the ownership of the company is purchased; the company Is closed, and the PE firm will establish a new company (often within a holding company structure). This is the most tax effective sale type for business owners.

How much do owners get when private equity buys a company.
Quite simply they will a package that is equivalent to the value of the business at the time of the acquisition. However, they will often not get a huge cheque for the full value of the business on the day the sale goes through. Many private equity firms recognise the importance of retaining key staff / owners and structure the sale package accordingly. For example, owners might get 50% of the acquisition value up front followed by:

• Rollover requirements – a requirement that they invest some of the acquisition proceeds (i.e. up to 50%) in the new business to ensure they have bought in to the success of the new business.

• And / or Earn outs – the remaining consideration is only paid if certain financial targets (revenue, EBITDA, profit etc) are met. If they are not, met no further payment I made or the calculated on a sliding scale.

What happens to directors when PE completes the acquisition?
Quite simply PE will retain those they see can add value, remove those that do not fit the needs of the PE fir and then appoint new directors – often associated with the PE firm themselves. New / retained directors er incentivised to meet stretching financial performance targets.

What are the different funding rounds that have VC involvement?
The businesses that a VC fund invests in are typically smaller and higher growth, thus riskier.

There are normally four funding rounds undertaken by growing businesses:

• Seed financing – often provided through personal savings, family, and angel investors. Normally up to about 2m, often giving away 10-20% equity.

• Series A – raising 2-15m with a further 20-30% equity dilution for owners.

• Series B – raising between 5 and 50m with an additional 10-25% dilution for owners.

• Series C – raising 20m+ with a further 10-20% equity dilution for owners.

The above figures are typical ranges but can differ depending on the nature of the business / their growth prospects.Note that funds raised go to the company, not to shareholders!

What happens to directors when there is VC investment?
They are often retained, but the board is often expanded to include additional people appointed by the VC fund, who should provide additional expertise / experience to the company.

Directors are normally incentivised to grow the firm through the allocation of additional equity / share options. This is cheaper in the short term for the business, many of which are loss making so paying out cash bonuses are not financially palatable.

What are the signs for VC / PE interest in a company?

• Focus in hot sectors such as biotech, AI, Defence

• Monitor the rapid appointment / removal of directors.

• Enhanced disclosure above regulatory requirements

• Many PF / VC firms focus on certain sectors / types of company.

• Owners have sold previous companies and have a good track record of growing and selling businesses.

• Cash / preference shares / increased equity in the financial accounts.

• Successful company closures

• Scanning the financial / business press

Using Code – valuations and past income

• When applying the above Code-FI can support this analysis by

• Valuing current and previously sold businesses where the sale value was unknown.

• Enables a fuller picture to be gained as estimate income and dividends can also be established.

Finally - please remember that there is NO User Group session in August! We hope you have a lovely summer and we will catch up in September unless we hear from you otherwise.

Thanks,
Jon

Code Updates: Companies House Select All (UK Users)

Hi

Following a request, we have now added the ability for you to select all results on each individual page when using the Companies House Person search.

Where you are confident that all results relate to your prospect, simply check the box at the top and this will add all to your prospect list. Once you have done that, you can click to move to the next page. We have only made the select all function available on a page by page basis.

We continue to make incremental changes to the Companies House Module and additional functionality will continue to be added.

If you have any queries or further suggestions let us know!

Thanks

Code Updates: Companies House (UK Users)

We have now made the Companies House tool available to all UK users. This can be accessed on the navigation bar on the left hand side of Code-Fi.

Many thanks to all of those users who took part in the beta testing and their feedback.

Please note that this tool is still in Beta format and we continue to make additional enhancements. Over the next month or two we will be working on additional filters and also a company search tool. We will of course let you know when these are available.

Following feedback we have also enabled a fixed name search. Where you are certain about the prospects name you can select the fixed name search and enter their name. When undertaking a fixed name search you must also enter one of:

• DOB

• Post Code

• Town/City

Fixed Name Search filters out any records not matching the exact name details entered. This is only recommended where standard name searches are thought to bring back too many similar names. For example, the standard name search may bring back similar record names such as Jon, Jonathan or John, or alternative name usage, such as William and Bill. A fixed name search can also be used where you are confident that the name entered matches exact names used on Companies House.  Note a fixed name search may take additional time depending on how common the name entered is.

If you have any feedback on this tool or Code-FI in general send us an email to team@pyro.solutions

Thanks,
Jonathan

User Group session: Company Valuation

During this month's user group we focused on some of the nuances associated with valuing companies. Whilst there are a number of more quantitative approaches to valuation, that was not the focus of this session .

Our initial discussion focused on why there is a need to value companies. The main drivers are:

• Company ownership is the predominant wealth creation

• Determines how good people are feeling about their financial position (ie if your company is becoming more valuable an individual will become more confident in their wealth)

• It is important to note that company ownership is Illiquid until sold

• Helps understand external investment from PE (ie what % they are gaining when buying in)

Instead of focusing on deriving key financials of a company and analysing reports, researchers should instead use their own judgment and research to establish a more qualitative view about how the company i.e. performing and how sustainable current performance is. As a group we established some key drivers including:

• Management quality

• Strategy

• Growth potential

• Sustainability

• Long term vision

• Reputation

• Good products / service

• Awards / recognition

• Innovative

• Diversity of management and staff

• Meets a need

• Clear product offering

• Barriers to entry

• Supportive economic conditions

• IP

• Customer service

• Clear marketing / positioning

These factors lead to long term value creation, free cash flow generation and profits. These are consequences of having good drivers (ie a profitable company is not profitable given it makes profits, more that profits are a result of good managers and having barriers to entry etc).

We then noted there are multiple technical approaches to valuing a company and that most of these require a substantial amount of data which is often not readily available:

• Discounted Cash flow

• Sustainable cash flow

• Turnover

• Profit (which op, ebitda, net income) Multiples

• Net assets

• Benchmark

We see many people / valuation approaches focused on the use of profits and net assets and we highlighted some of the predominant issues:
Problems of using net income as an input into valuation:

• Accounting profits not cash

• Easily adjusted with things sich as depreciation and amortisation etc

• Not transparent

• Which profit figure to use (there are many different profit figures reported and its sometimes tricky to establish which one is the right one to use!)

Problems of using net assets:

• In some businesses (such as consultancy) all profits could taken out as dividends, such businesses require minimal assets and so on paper the business is valued very low given the absence of any assets

• Reported tangible assets are not where the true value lies in many companies

• Historical

• Probably only applicable for real estate businesses.

When using Smart Valuation we then discussed a preference to focus on turnover and the number of employees, noting code does all the difficult work for you and you are advised to input any data you can access - code will do the rest!

We then quickly discussed some valuation considerations for housing companies, legal/consultancy and engineering companies.

Any questions please get in touch team@pyro.solutions

Thanks,
Jon

Code Updates: CH Search Filters

As we develop and enhance our Companies House functionality we continue to action feedback from our Beta users and add additional tools.

The first update of many is the addition of 2 requested filters.
These filters are:

1. Wealth creating - enables users to filter only those roles that are wealth creating (Directors and Owners)

2. Role Status - allowing users to find prospects who are either currently in role or held a role previously

We welcome feedback on these new features.

Additional filters and functionality are in development and we expect these to be released in the coming weeks.

Thanks,
Jon.

Code User Group Blog: April 2024 Board roles

During this month’s user group we focused on the nature of board roles and how they are remunerated.

As a starting point we established that the board typically consists of:

• The Chairman

• CEO / MD

• CFO

• CTO (if a tech focused company)

• Non-executive directors

• Independent directors

As a reminder the Chairman and non-executive directors whilst not paid significant sums, will have been appointed based on their current / past experience and as such might have significant earnings from past roles. No bonuses or LTRs are typically paid to these individuals.

The Chairman and Non-executive directors are not involved in the operational decisions of the company and sit on the board to provide objective guidance and insight. They perhaps attend 10-12 meetings per year maximum.

The difference between non-executive directors and independent directors is that independent directors do not own shares in the business.

The best paid board roles are the CEO/MD and the CFO. Their pay is made up of:

• Base pay – paid monthly

• Bonus (split roughly 50/50 in terms of cash and stock awards) – paid at the year end

• Long term incentive plans (share awards / options with a required holding period) – awarded at the year end.

For private companies where share awards are not possible, we do see similar overall pay being granted, with all bonuses paid in cash.

Bonuses are based on the achievement of performance targets (financial and non-financial) which can be monitored / tracked when a company issues an interim report. If the company is performing well (established by reviewing the interim report), it is more likely annual performance targets will be met and as such bonus payments made.

We discussed that for most base salaries are ‘allocated’ so cash bonus payments (whilst also being liquid) are also more likely to be available for gifting.

We noted the impact that tax has and for many board members operating in large companies and they will lose circa 50% of their income to tax.

Discussions then moved onto modifiers and role selection. Some key tips we outlined include:
When choosing the sector it is the activity of the business which is the key driver such as someone working in a technology based role for a vehicle manufacturer  - it is the vehicle manufacturing sector that should be selected.

• Sector informs pay levels more than role.

• Management expertise: can positively those who have been in role for longer / have an exceptional track record and lower weightings for shorter tenures

• High company growth is where there is clear evidence the company is performing better than the sector average.

• The use of modifiers is subjective and is more of an art and needs the expertise of the researcher.   Standard is recommended where you are unsure but you could be leaving money on the table if not willing to use modifiers.

As a reminder there is no user group in May.

Thanks,
Jon