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A compensation review process is necessary to assess how fair and competitive your compensation and benefits offerings are and to ensure you attract and retain top talent. For instance, the factors that most influence pay decisions U.K.-based companies make are inflation rates (62%), followed by market rate changes (57%) and employee performance (53%).
This article discusses how to ensure a fair and effective compensation review process and how to tactfully communicate salary changes to employees.
Contents
What is a compensation review?
Types of compensation reviews
The compensation review process
How to prepare managers for a compensation review
11 steps to conduct a fair, effective compensation review