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.
Collect data on current employee salaries, job descriptions, performance reviews, and market salary benchmarks.
Review the current compensation structure to identify any discrepancies or areas that require adjustment based on collected data.
Engage with department heads and HR partners to gain insights into compensation issues and gather feedback on proposed changes.
Based on the analysis and consultations, prepare recommendations for salary adjustments or changes to the compensation strategy.
Present the recommendations to senior management for review and approval, ensuring alignment with the organization’s budget and strategy.
Once approved, communicate any changes to the affected employees and ensure understanding of the reasons behind the adjustments.
Establish a timeline for reviewing the impact of the changes on employee satisfaction and retention, and adjust the compensation strategy as necessary.