This checklist ensures a comprehensive review of employee compensation, focusing on equity, market competitiveness, and adherence to company standards. It helps in identifying any necessary adjustments to employee salaries and benefits.
Collect all relevant data including current salaries, job descriptions, and performance reviews for employees whose compensation will be reviewed.
Research industry standards and competitor compensation packages to assess the market competitiveness of current employee salaries.
Review compensation levels among employees in similar roles within the organization to ensure fairness and internal equity.
Analyze the gathered data to identify any discrepancies between current compensation and market standards or internal equity.
Develop recommendations for adjustments in compensation based on the analysis of market data and internal equity.
Present findings and recommendations to management for approval and further discussion.
Once approved, update employee compensation and communicate changes effectively to the affected employees.
Maintain detailed records of the review process, findings, and changes made for future reference and compliance.