This checklist is designed to guide HR personnel through the process of reviewing employee compensation to ensure fairness, equity, and compliance with industry standards. It aims to assess and adjust salaries based on performance, market conditions, and company policy.
Collect comprehensive data on current employee salaries, performance reviews, job descriptions, and market salary benchmarks.
Assess the current compensation structure against industry standards and internal equity to identify any discrepancies.
Engage with department managers to discuss employee performance and any specific compensation concerns they may have.
Develop recommendations for salary adjustments or bonuses based on gathered data and discussions with management.
Ensure that all compensation recommendations adhere to company policies and legal regulations regarding salary adjustments.
Compile the findings and recommendations into a presentation for HR leadership to review and approve.
Once approved, communicate any compensation changes to the respective employees in a clear and transparent manner.
Maintain detailed records of the compensation review process, decisions made, and communications for future reference.