2.39 How to Conduct a Staff Salary Review in 2022

In this episode, Karen Kirton explores the complexities of salary increases, particularly in a year impacted by rising inflation, competitive labor markets, and Fair Work Commission wage decisions. As businesses navigate financial constraints while trying to retain talent, it’s crucial to take a structured approach to salary reviews and communicate effectively with employees.In today’s episode, you will learn about:The impact of inflation and wage decisions on salary reviews – How rising costs and Fair Work’s mandated increases affect businesses and employee expectations.Understanding award coverage and compliance – Why businesses must determine if roles fall under modern awards, and how to ensure salary structures align with legal requirements.How to assess market competitiveness – The importance of benchmarking salaries using industry data and job boards to stay competitive in today’s labor market.Developing a clear communication strategy – How to explain salary decisions to employees transparently to prevent dissatisfaction and potential turnover.Proactive planning for future salary increases – Why businesses should start factoring in higher salary budgets for the next financial year to stay ahead of market shifts.Karen provides practical steps for employers to navigate salary reviews strategically, ensuring compliance, competitiveness, and effective employee retention.Do you have a salary review strategy?Make sure to subscribe to stay updated with new releases every second Monday!   Visit Amplify HR for more insights and resources. Also Mentioned in This Episode:Paying fair - do you have a transparent pay policy?Episode 15Send us Fan MailDownload our free guide, “Getting Stuff Done Through Your People,” giving you the tools to build a culture where people take ownership, goals get achieved, and results follow.https://www.amplifyhr.com.au/downloadable/getting-stuff-done-through-your-people/