Masterclass
Manage the Annual Salary Review
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Target Audience
This course is ideal for your HR and Compensation and Benefits team or staff involved in the yearly salary adjustment and reviews. This course is also ideal for your compensation and benefits managers, executives or specialists with direct responsibility for implementing the annual salary review. Designed as a skill-building class, with little theory. Participants are assumed to have some general working knowledge and familiarity with compensation fundamentals such as market pricing, pay structures and performance management.
Learning Outcomes
By the end of the session, participants should be able to:
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Apply effective project management for the salary review
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Recommend a salary budget for merit, promotion and other increase types
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Update salary ranges for the coming year
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Calculate compa-ratios for countries and employees
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Develop a salary increase guideline based on compa-ratio and performance rating
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Define and facilitate the manager input process using Excel or other HR technology
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Prepare and manage review data including consolidation and approvals
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Support effective communication of salary review outcomes
Course Outline
1. Describe the overall salary review process
2. Form and manage a salary review project team and assign roles
3. Develop project calendar
4. Establish file sharing protocols
5. Establish and Create communication plan
6. Explain types of salary budgets and their considerations
7. Recommend allocation of merit budgets
8. When and How to update salary ranges
9. Construct an Excel costing model to test salary guideline percentages within the available budget
10. Conduct a data validation phase
11. Design a manager pay review worksheet
12. Prepare and support effective communication of pay decisions
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Promotional Course Fees Inclusive of 7% GST: $1284.00
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Price Includes: Course materials, Lunch, and 2 tea-breaks