Did you know that Companies are legally obliged to review salaries regularly?
With more companies being hit with Equal Pay Claims it is extremely important that your company uses a fair and consistent approach to the annual salary review.
Although the annual salary review happens only once a year, the salary review process virtually takes the whole year. Salary reviews should not be left to the last minute, but be carefully planned and resourced.
In times of austerity, more and more companies are moving away from inflation or across the board pay rises. Instead they are looking to link reward to performance, thus improving the productivity of the business as well as motivating staff. This can be linked to individual, team or company performance. However, it will only work if it is based on a robust performance management system and the managers have to be fully skilled and engaged with the system.
If you want to move away from across the board, flat, pay rises and consider using pay to reward performance you have to plan ahead and implement or review any performance system you currently use.
Implementing a system, which links pay to performance, can have many benefits for your organisation. Call our experienced pay and reward consultants now on 01506 828767 and we can explain how we make it a positive experience for your company and your staff.