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You may be hesitating whether this is the right time for a salary review for your employees. You may find that it is already too late, and your best talent is looking elsewhere. Many ask these three basic questions when it is too late: why run a salary review? When should we do it and how?
In addition to a basic salary, companies provide employees with another form of cash award. This is included in the employee’s remuneration package and are what we refer to as ‘allowances’.
All data needs to be inputted into a database to be analyzed properly. Excel or SPSS are valid packages one can opt for to carry out this analysis.
Before proceeding to the actual data collection, the company must first set the parameters (time period, budget allocation) the company is willing to invest in this exercise.
Companies generally opt to conduct salary survey to better gauge their position vis-à-vis their direct competitors in relation to the limited labour market they all scout from.
It has happened to most of us – disgruntled, demotivated employees come up to us complaining that they are being paid below the average market rates.
When we think of ‘job evaluation’, a bureaucratic system, combined with complex job descriptions, a point system and factors come to mind.