How to navigate salary reviews? TalentUp Salary Platform example

As a human resources professional, salary reviews are an important part of retaining and motivating your employees. By offering competitive pay, you can attract and keep top employees and show how much you value your current staff.

However, salary reviews can also be a delicate balancing act. You want to be fair and competitive, but you also need to consider the overall financial health of your business. From a human resources point of view, here are some tips to help you get through salary reviews:

Set clear expectations

Make sure your employees understand the criteria for receiving a salary increase, such as meeting performance goals or completing additional training. This can help ensure that your employees are aware of their expectations and can work towards meeting them. You may also want to consider setting a timeline for when salary reviews will take place, such as annually or every six months.

Use market data

Find out what similar jobs in your industry and area pay to make sure that the pay you’re offering is fair. The TalentUp Salary Platform is an essential tool for this. Check out this example of how the TalentUp Salary Platform could be used:

Let’s say you’ve set up a meeting to talk about Mark’s salary. Mark is a top-performing Machine Learning Engineer who works in Barcelona.

Mark has worked for the company for almost three years. In the past year, he has done a great job leading a lot of projects and has taken on a lot of new tasks and responsibilities.

His qualifications are in high demand, so you know for sure that he has been offered other jobs. Also, previous reviews indicate that he is dissatisfied with his current salary. He is a valuable asset, so the company wants to keep him and is willing to pay him a fair amount, but only what the market will bear and what is in the budget.

Using the TalentUp Salary Platform, you can learn how much a Machine Learning Engineer with three years of experience earns in Barcelona (salary information is also available for more than 300 roles in more than 120 locations). You can even sort salaries by sector, location, size, currency and funding of the company. Furthermore, deeper salary-related information is available such as: last job offers published, offer and demand, each position’s predictions and trends, bonus and benefit packages and more!

After reviewing the data and determining your budget, you decide to offer Mark a salary proposal for a Machine Learning Engineer in Barcelona with three years of experience and a salary in the 25th percentile of 38,800 €. This way, you can raise his salary fairly without exceeding your budget and bring it more in line with market rates.

This will definitely be a great step toward keeping Mark. There are, of course, other things that could be done to give him a great place to work where he can keep growing and learning.

Consider individual contributions.

While market data is important, it’s also important to consider an individual’s specific skills, experience, and value to the company. Take the time to review each employee’s performance and consider the impact they have on the team and the business. You may want to consider using a performance review process to gather this information.

Communicate openly.

Talk to your employees about their salary expectations and any concerns they may have. By being transparent and open to feedback, you can build trust and foster a positive work environment. This can also help you address any issues or concerns that your employees may have before they become bigger problems.

Be flexible. While it’s important to have a budget in mind, be open to negotiation. Your employees may value other perks or benefits in lieu of a higher salary. For example, you might be able to offer more time off, a more flexible schedule, or opportunities for professional growth. You may also want to consider offering a salary range for certain positions, rather than a fixed salary, to allow for some flexibility in negotiations.

Document the process

It’s important to keep a record of salary reviews and any decisions made. This can help you stay organized and ensure that you are being fair and consistent in your decisions. It can also be useful in the event that an employee disputes a salary decision.

Salary reviews can be a challenging part of being a human resources professional, but they are an important investment in your team. By taking the time to figure out how much your employees are worth and paying them fairly, you can keep the best people on your team and encourage them to do their best work.

With the TalentUp Salary Platform, you can handle salary reviews with confidence and make sure your employees are getting fair and competitive pay by using market data, setting clear expectations, taking individual contributions into account, communicating openly, and being flexible.

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