Annual Pay Review Methodology & Support
A robust salary review process in nowadays can help you retain quality employees, increase engagement, encourage appropriate behaviors and performance, and stand out as a fair, competitive, and relevant employer in an ever-changing job market.
ICAP People Solutions has the expertise to recommend and implement practical, workable and creative Compensation & Annual Pay Review solutions to keep our clients at their competitive best and establish a foundation for Consistency, Clarity and Control.
Depending on their needs, we may implement the following activities:
- Develop Implementation Plan: Develop an implementation plan around adjusting compensation as needed for individuals and jobs and creating an ongoing process for updating job descriptions, benchmarks and salary structures
- Collect Background Data: Understand current compensation philosophy and system and gather background data such as Job evaluation, & classification, job descriptions and total pay for employees
- Utilize available Salary Surveys or upon agreement conduct custom Salary Survey: We are data and methodology agnostic. We always advise using the best and most representative data for your company and industry, regardless of the source, on whatever project we are engaged in. We are not limited in terms of the data we ‘own’
- Propose Adjustments to the current classification system: Analyze current classification system and if it is needed, we propose changes
- Carry out Job Analysis material: The aim of this step is to gather job content on the identified positions and to develop initial job descriptions based on job analysis
- Benchmarking and Analysis: Match jobs under consideration, benchmark the positions using the agreed surveys and gather data for base salary, annual incentives, and total cash compensation for every position
- Recommendations: Propose changes based on findings in the benchmarking analysis