This checklist is designed to ensure a thorough review of employee compensation, including salary adjustments, bonuses, and compliance with company policies and market standards.
Collect all necessary employee information including current salary, job title, performance reviews, and tenure.
Research current market compensation rates for similar positions within the industry to ensure competitiveness.
Evaluate employee performance based on predefined KPIs and feedback to determine eligibility for compensation adjustments.
Draft recommendations for salary adjustments or bonuses based on performance assessments and market data.
Present findings and recommendations to the HR manager for approval before finalizing any changes.
Inform employees of any compensation adjustments or bonuses awarded, providing reasoning and context.
Ensure all compensation changes are documented in the HR system and employee files for future reference.