Planning for the 2020 salary review process
Next year’s salary review process is approaching and preparation needs to be done to ensure its success. Here are some useful tips.
Did you conduct an evaluation of this year’s process? What success factors and areas of improvement were identified? Do you have a plan for proceeding with these? If not, allow time for this in the process planning.
Do you have good tools in place to ensure a seamless process for both managers and HR? If you are not completely satisfied, it is high time to look for alternative providers so that purchasing is completed before the salary review process commences.
Pay policies & guidelines
Are your company’s existing policies, guidelines and other internal documents up-to-date and sufficiently clear? Go through existing documents and check with colleagues and employees that everyone has the same understanding of their content.
Courses & training
Are managers sufficiently familiar with company pay policies and guidelines? Do they feel confident about future performance reviews and salary reviews? Find out if there is a need for training in any area.
Have you conducted this year’s pay survey? Do the findings indicate that groups of employees should be given priority at the salary review, or underscore other areas of improvement related to pay-setting procedures?
What is going on in other areas of the business and how are you paying your employees compared with the market? Is the total compensation (including benefits, pension, etc.) in line with market pay so that you can attract the right talent and retain key skills? Benchmark your salaries against market data to find out whether any employees need to be given priority at the next salary review.
Timetable and process plan
What does the process look like between now and payday for the new salaries? What activities need implementing and when? Draw up a clear process plan that states assigned responsibilities and consider how to make communications with everyone involved as straightforward and simple to understand as possible.