In recognition of the challenges colleagues are facing due to inflationary pressure and the cost-of-living crisis, HIAL explored all options to make an improved pay offer.
The offer was presented to trade unions PCS, Prospect and Unite.
A ballot on whether to accept the pay offer has concluded, with colleagues rejecting the enhanced pay offer.
Inglis Lyon, managing director said: “The offer was the result of an extensive exercise on cost savings and the generation of additional income to allow an enhanced pay award that was affordable from within our existing finances.
“We will now meet with union colleagues to try and reach a solution following the disappointing result.”