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How can I improve my pay review process?
You need this year’s pay review to be competitive, targeted and efficiently managed.
Gaining insight into external market trends will help you target spending. You’d also like to streamline the review process, reducing the time and resources required.
Conducting a pay review
Conducting a pay review requires a range of skills – including data analysis, data modelling and job evaluation. You will need to collate information (for example, salary surveys and national statistics) and establish a single, accurate market range for each job.
The technical knowledge required for pay reviews is critical. For example:
- To establish a market range, you will need to match both the internal and external pay data into a single structure;
- After unifying the structure, you need to apply conventions to collate data into one market rate/range;
- The identified pay ranges then need to inform your review – either based on statistical formulae or by delegating reward decisions to managers;
- Your decision making and sign-off processes need confirming;
- You need to run your pay reviews using spreadsheets or tailor-made software such as PAYreview;
- The collated data needs distributing to relevant decision makers, and checked against available budgetary limits; and
- After sign-off, decisions need applying to payroll and communicating to staff as part of your employee engagement process.
How Paydata can help with your pay review
Where you need extra professional support with pay reviews, we can help you to:
- Define ‘the market’ for individual jobs (say by geography, industry, specialism or seniority);
- Identify the most appropriate sources of market data for your jobs;
- Provide support with job matching;
- Collate and provide information on pay and economic market trends;
- Combine data from different survey sources or methodologies (including your own grades) into a single structure;
- Organise your internal data and external market data into a structure, and apply agreed statistical rules to develop pay scales;
- Produce employee distribution and pay review reports to inform pay decisions; and
- Administer and track performance, pay and bonus reviews using our customised online pay review software tool.