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Manage the Annual Salary Review (1-day, HK)
2 November, 2017HKD2380
Every compensation & benefits manager must know how to manage the annual salary review. Less experienced C&B specialists also must be able to support it. There is no room for error. This course equips C&B professionals to competently perform their most important duty, the annual salary review. The course covers pay for performance theories, salary budgeting, use of market data for midpoint updates, merit matrix development, developing a manager worksheet, rolling up manager submissions for next level review, project management, facilitating approvals, and effective communication practices. The course focuses on skills, using fictitious data. Participants will bring their laptops and practice what is taught.
By the end of the session, participants should be able to:
- Apply effective project management for the salary review
- Recommend a salary budget for merit, promotion and other increase types
- Update salary ranges for the coming year
- Calculate compa-ratios for countries and employees
- Develop a salary increase guideline based on compa-ratio and performance rating
- Define and facilitate the manager input process using Excel or other HR technology
- Prepare and manage review data including consolidation and approvals
- Support effective communication of salary review outcomes
This course is ideal for all compensation and benefits managers, executives or specialists with direct responsibility for implementing the annual salary review. It is primarily a skill-building class, with little theory. Learners are assumed to have a general working knowledge and familiarity with compensation fundamentals such as market pricing, pay structures and performance management.