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January 2012 issue
How can you make your Annual Salary Review a success? |
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| Does the economic climate provide a get-out clause for the Annual Salary Review? The recent CIPD "Employee Attitudes to Pay" Survey, shows that whilst employees are readjusting their expectations, they are also losing faith that pay and reward will reflect their contribution …a motivational starting point for optimum performance? |
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| Dear Customer |
Happy 2012 and I hope your year has got off to a good start.
January often marks the Annual Salary Review (ASR) process. If you are managing this annual milestone, then this issue of Just Rewards is for you.
Included in this issue: |
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Managing the Annual Salary Review (ASR) |
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News |
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Rewarding tips |
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Next newsletter - March 2012 |
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If you find this newsletter helpful, we'd like to hear from you. And, do send us your suggestions for topics you'd like to see covered in future newsletters |
Best wishes
Sylvia Doyle
Reward First ® People Consulting |
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reward–first.com |
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linkedin.com/in/sylviadoyle |
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| Guide to managing the Annual Salary Reviews |
Because it's such an important process, we've put together a Guide to carrying out an ASR. Plus we offer some helpful tips for ensuring yours is a success.
In keeping with the theme of the November 2011 newsletter (communicating reward) careful planning and communication are key. Effective communications will help to manage expectations and support timely implementation; this is critical when there is an element of performance related pay.
Top guidance includes include using reliable and up-to-date market data and allowing enough time to ensure that you arrive at the "right" amount for the individual and the organisation. As always, a thorough review of the process will ensure that future pay reviews are optimised …read more … |
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| News |
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It is heartening to hear further endorsement of the need for more effective communication in the CIPD Employee Attitudes to Pay 2011 Survey. Maintaining motivation and satisfaction in a climate of constrained and frozen pay may well hinge on an effective communication process. |
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Back in November I had a great trip to Stockholm with Goodwille and met a brilliant group of HR directors from Sweden at their round table event.
Thanks to everyone for making my reward session so participative. |
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Check out this great reward blog http://CompensationInsider.com from Sandrine Bardot. Being based in Abu Dhabi, Sandrine takes account of the Middle East perspective combined with a wealth of reward expertise |
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| The March Newsletter will cover the topic of non financial reward. If there is a topic that you would like me to cover in a future issue, please contact me. |
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| Rewarding Tips for the ASR |
| Plan carefully and communicate … |
| For the majority of staff, the ASR is the most important communication they get all year. It's definitely not the time for springing surprises. Managing the ASR process well, and explaining your decisions clearly, will create value for your organisation. |
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| Manage expectations |
| This is more important than ever when there's not a lot of cash around. So as well as paying careful attention to how you communicate the ASR itself, it's important to communicate effectively all year round, so staff know how the business is doing and don't have unrealistic expectations when the ASR comes around. |
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| Use reliable and up-to-date market data |
| Ideally you should use at least two sources of salary survey pay data e.g. participant only surveys, and even consider three sources in certain cases. Be cautious about "one-off" or free data sources since these are likely to be less reliable than other options. Review sources annually to ensure that they are 'fit for purpose' and stand up to scrutiny. |
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| Pay the 'right' amount |
| You don't need to join the ranks of the highest payers in your industry in order to be paying the right amount for the job. On the other hand, paying below the market rate will probably not work for many industry sectors. Taking time to work out what is the 'right amount' to be paying your staff - especially in the current climate - will help you retain them when things improve. |
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| Review the process |
| Tempting as it is to breathe a sigh of relief when the process is over and move swiftly on, it's important to take time to review how the ASR went, what went well, what could be done better - and to take account of any new regulatory, economic, political or social changes that may have implications for future pay reviews. |
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| Stay informed |
| The CIPD website has lots of useful resources to help you with the ASR, including blog posts on reward issues - like this one and research into employee pay attitudes and expectations. And do get in touch if we can help you with any aspect of your ASR. |
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| Please note that this information is provided as general guidance only. If you need specific advice relating to your requirements, please contact us on +44 (0) 1367 710 618. |
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Priors Farm, Chapel Road, Stanford in the Vale, Faringdon, Oxfordshire, SN7 8LE, United Kingdom.
Tel: +44 (0) 1367 710618 Email: sylvia.doyle@reward-first.com
Reward First ® People Consulting Ltd is registered in England. Company No. 5186613 |
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