The Importance Of Salary Review

Salary review is the process of evaluating the salary of an employee and negotiating an adjustment in it whenever it is found necessary

. This process, however, concerns not just the pay that an employee would receive, but also their performance and whether they meet the standards set for their particular position or not. Salary review is usually done annually for each employee and requires a certain amount of preparation on the part of both the employer and the employee.

The employers point of view

Although the review of payment is usually done once a year or every six months, depending on the prevailing practice in the particular company or organization, the employer may in some cases decide to engage in this process when they find that the employee has made an exceptional contribution to the company or, on the other hand, has consistently failed to meet the expectations and requirements for their job position. Whatever the reason for it, when the review is performed, the employer should schedule a meeting and inform the employee about it a week or two beforehand, so that the worker too would have time to prepare themselves for the salary review.

In estimating the average salary for each job position the employer can make use of various calculators online or enquire about what similar companies in the business field they operate in are paying their workers. The salary should be calculated in such a way that the employer could retain their valuable employees and not lose them to the competition.

The reasons for the review and the respective rise or reduction of the salary should be presented to the employee in a calm and consistent manner, so that they can clearly understand them.

The employees side

For the employee the salary review is a chance to get their desired hike in pay that they feel they deserve and also an opportunity to use their best qualities to their advantage. Therefore, they should also be very well prepared for the review meeting. They should point out their strong sides and their individual contribution to the companys wellbeing, especially if they have been doing more than what is normally expected in their job position or they have achieved outstanding results and have earned the company more returns and customers. The employee should not be shy and silent; they should defend their position in front of the employer. Also, even when there is no pay overview scheduled for the coming months, the worker may request for a meeting with the employer in this regard if they feel that they deserve a raise or their payment does not reflect their contribution to the companys success. If the employer has received a better offer from the competitors for a similar or higher position, this is another ace up their sleeve when negotiating for a better pay.

As a conclusion it can be stated that the process of salary review is important for both the employer and the employees because it ensures that the workers receive what they deserve for their labor and they are satisfied that their efforts are properly rewarded, and the employer in turn gets to keep their well trained employees and, as we all know, a satisfied worker is more productive, so this is an added benefit for the company management.

by: Lolita Di

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