Employee Compensation Review Checklist ( HR )

This checklist outlines the necessary steps to conduct a thorough review of employee compensation to ensure equity, competitiveness, and compliance with company policies and regulations.

• Gather Relevant Data

  Collect data on current employee salaries, job descriptions, performance reviews, and market salary benchmarks.

• Analyze Compensation Structure

  Review the current compensation structure to identify any discrepancies or areas that require adjustment based on collected data.

• Consult with Stakeholders

  Engage with department heads and HR partners to gain insights into compensation issues and gather feedback on proposed changes.

• Prepare Compensation Recommendations

  Based on the analysis and consultations, prepare recommendations for salary adjustments or changes to the compensation strategy.

• Review with Management

  Present the recommendations to senior management for review and approval, ensuring alignment with the organization’s budget and strategy.

• Communicate Changes

  Once approved, communicate any changes to the affected employees and ensure understanding of the reasons behind the adjustments.

• Monitor and Evaluate

  Establish a timeline for reviewing the impact of the changes on employee satisfaction and retention, and adjust the compensation strategy as necessary.