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The importance of a Pay Review

Pay reviews are an important aspect of running any business and they provide organisations with the tools needed to retain their hard-working and talented employees by ensuring they are paid fairly for their work. Unfortunately, since the recession, budgets for wage increases have been at their tightest, with yearly remuneration averaging on the low scale around 2-3 per cent increases. Conversely, in years before the recession, wages saw a more generous 5-6 per cent increase. This has had a rebound effect on how staff see their jobs, with increased numbers of individuals likely to leave jobs over low pay disputes.

A pay review can help businesses reduce their staff turnover, ensuring that hard-working employees are paid fairly when based on market rates and personal performance. It’s no secret that a happy workforce completes a higher calibre of work and effective reward strategies can also contribute to increased productivity.

Why Should You Consider a Pay Review?

Pay reviews are more than just a yearly wage increase but instead, they utilise feedback from managers and admin staff to ensure the hardest working employees are recognised for their contributions to the company. When run alongside salary benchmarking surveys, businesses can check results compared to their direct competitors to ensure that they are paying either in line or competitively. This is useful not just for retaining staff but also for attracting talented additions to the workforce.

This use of internal feedback is not only helpful for deciding pay reviews but also helps to show staff that they are more than just a number to their managers. As employee numbers increase, too often individuals can feel lost in the crowd. Some may even feel that their contributions and hard work go unnoticed, which can lead to a loss of morale and an increase in sick days. In severe cases, it can even encourage employees to seek alternative employment elsewhere.

Want to See How Pay Review Software Can Help You?

As a business, you might already be implementing annual pay reviews, however, it can take your HR department a long time to gather all the relevant information needed to make informed remuneration decisions. Luckily, there is an easier way and you can save your organisation both time and money by using our dedicated PAYreview software.

If you’d like to see the effect that using our PAYreview software can have for your company, we are holding a session on 'Preparing a Business Case for Implementing Pay Review Software' in London that we’d love to see you attend. Held at St Andrews Place, the event is free to attend and takes place between 2:30pm and 4:30pm on Tuesday 18th September. Click here to reserve your place today.

Event Details

  • Session - 'Preparing a Business Case for Implementing Pay Review Software'
  • Date and time: Tuesday 18th September 2018 – 2:30pm until 4:30pm
  • Location: 11 St Andrews Place, London, NW1 4LE
  • Price: Free to attend

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