It’s time to start thinking about pay reviews!
We understand the significance of the January to April period for organisations like yours as you gear up for annual pay reviews. Amidst challenges such as high inflation and the persistent impact of living costs on employees, navigating the 2024 annual pay review requires strategic planning.
To support you in this crucial period, we’ve curated a comprehensive guide that covers market trends, fair compensation structures, and strategic insights. Our streamlined process is designed to assist you in conducting effective pay reviews.
Types of Pay Reviews
In the early stages of the pay review process, it’s crucial to determine the type of pay award your organisation intends to implement. Commonly, pay reviews involve either a basic percentage increase for all employees in a bargaining group or individual pay awards based on performance assessments. The former is typical in negotiated agreements with trade unions, often addressing the cost of living.
Comparable Pay Rewards
Employers commonly consider the prevailing “going rate” for pay awards nationally, in their industry, region, or relevant occupational groups when determining a pay award. XpertHR annually gathers information on pay settlements for approximately 1,400 employee groups and consistently releases details of pay awards by sector along with an analysis of settlement trends.
Cendex is here to get you prepared with everything you need to know about pay review season.
Download the guide to find out everything you need to be prepared.