Leading a successful pay review: Download your guide
3 min read | Hays Experts | Report | People and culture Retention | Staff engagement
Leading a successful pay review can be difficult if it is not done properly. Find out how to discuss pay reviews to ensure the outcome for both parties is fair, with our Developing Loyalty Guide.
What do I need to know about pay reviews?
Benefits to your team can occur from conducting a pay review but it is important to implement steps beforehand to make sure it is successful.
Open communication and listening to your employees' needs are vital to ensure they are happy and remain hard-working.
Analyse your employees' progress by asking questions:
- Have they taken on extra responsibility?
- Have they increased productivity?
- Have they put in the hours?
Using the information gathered will help you finalise a decision on whether they should have a pay rise. You will need to handle this information with sensitivity to make sure your employees remain feeling valued. Make sure you tell them when they should have an answer or arrange a follow-up meeting.
The aftermath of a proficient pay review can significantly impact your team's success, so it is important to get this right. Access our Developing Loyalty Guide for more insight on structuring an effective pay review.
Our experience in giving pay reviews
With our 50 years of experience and thousands of specialist consultants, we are the best suited to offer essential advice on pay reviews and help you retain your workforce. By downloading our Developing Loyalty Guide and yearly salary guides, we can help your business understand salary expectations, market insights and answer questions to navigate the world of work.
Standout points from pay reviews
Tackling the conversation about pay rises can be daunting for both parties. Here are a few steps to follow to manage an effective pay review and keep a motivated workforce:
- Prepare by researching the market and analysing your employees’ performance.
- Review your employee by following a structure, remaining constructive and positive.
- Give them next steps by confirming a date for a follow-up meeting.
- Make a decision by considering all the points raised and understand the consequences that may occur if an employee is declined a pay rise.
- Award or decline a raise and use your decision to get the most out of your employees and keep them feeling valued.
- Maintain your decision by remembering why you came to it in the first place.
Download your copy of the Developing Loyalty Guide to navigate your way through pay reviews and achieve the most beneficial outcome for both parties.
What does this mean for my business?
Our Developing Loyalty Guide has all you need to know about:
- A robust structure for leading pay reviews
- How to handle awarding or declining a pay rise
- The importance of open communication for a happy workforce