Salary Review
Managing your salary costs and retaining talented staff
It is good practice for any organisation to periodically review the remuneration packages that it offers to its staff. It is also vital in terms of equity and fairness as well as to help ensure that the organisation remains competitive within its market place.
Many organisations will engage an external supplier to carry out the review on their behalf in order to demonstrate objectivity and transparency.
We use a range of respected sources for comparator salary data as well as conduct research into current comparator organisations.
It is likely that our final project report will make recommendations in the following areas:
- Key issues to be included in future remuneration strategies, policies and practices
- Recommendations for appropriate pay structures and pay ranges.
- Recommendations for a sustainable and fair pay and performance management process - or suggested improvements to current processes
- Guidance on effective communications of pay arrangement and longer term management of your total reward package
What does an organisational Salary Review involve?
A salary and benefits review involves collecting relevant remuneration data from the external market place and comparing this information with an organisation's current pay and benefits rates.
The process normally requires a review and evaluation of a representative number of job roles to ensure that appropriate comparisons are being made. For a small organisation, all job roles may be included within the scope of the review.
When to invest in a
Salary Review?
Organisational change - For organisations going through significant change, a pay and benefits audit can evaluate and respond to developments in the size, focus and impact of roles in your organisation.
Recruitment and retention - Are you able to attract and retain effective staff? Salary data from the external market is used during the review, and this in turn helps derive an appropriate pay range and benefits offering for your organisation.
Performance management - Do the managers and Trustees in your organisation want to make a clearer link between effective performance and salary progression for individuals? An audit of your current remuneration policies creates the opportunity to focus on the way you recognise and reward good performance.
Keeping pace with developments - Are you taking steps to avoid facing pay discrimination claims? Employment legislation is ever changing. The salary review process can assess whether your organisation is at risk due to non-compliance with the current legal framework governing pay management.
