How to Conduct Effective Salary Reviews

How to Conduct Effective Salary Reviews

July 17, 2018 Remuneration

Can you believe that we have just passed through another End of Financial Year? Looks like we have approached the time of year that many business owners and CEOs dread – It’s salary review time! We have been having more and more discussions around this topic as people become nervous around the salary review and […]

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Award rates increase – are you ready?

June 8, 2017 Remuneration, Uncategorized

  As a result of this year’s Fair Work Commission review, minimum wages in Modern Awards and the national minimum wage will be increased by 3.3% as of the first full pay period on or after 1 July 2017. Increase for Award-covered employees. Modern award minimum weekly wages are to be increased by 3.3% per […]

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What is Salary Benchmarking?

May 15, 2017 Remuneration

In our last newsletter, we raised the question of “Are You Overpaying Your Employees?” (click here if you missed it). It was a great read about incentive programs, and how to reward your employees when they are on the higher end of their salary band. But what if you don’t know what a salary band […]

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Are you overpaying your employees?

April 10, 2017 Remuneration, Uncategorized

We all know how employee salaries and incentives used to work. Company X would hire John, and they would agree on an annual salary for the position. It was so simple. Each year based on performance, John would receive a pay increase of approximately the CPI increase for that year, and all was well. Well, […]

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Cashing Out! Can my employee ‘cash out’ their annual leave?

October 14, 2016 Remuneration

In some cases, yes they can! Until this year, very few employees were able to ‘cash out’ their annual leave entitlements under the Fair Work Act – however recent reforms now allow employees to voluntarily ‘cash in’ or exchange some of their annual leave entitlements for wages. Thanks to the new reforms, almost all 122 […]

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6 Tips for Conducting Effective Salary Reviews

April 8, 2016 Remuneration

As we approach the time of year that many business owners and CEOs dread, I start to hear more and more nervousness surrounding the salary review process. This is caused primarily by a lack of structure and information when it comes to making decisions. I hear questions such as: “How much of an increase do […]

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Client Issue: Creating a Long Term Incentive Scheme

Context: Our client is a mid sized business with a number of key management staff they wish to retain over the long term. The Issue: The current incentive schemes do not provide “Golden Handcuffs” or any form of Long Term Incentive for these Managers to stay. Our Challenge: The business owner was considering providing equity […]

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Why Most Bonus Schemes are a Waste of Money

The topic of bonus and incentive schemes and how they apply to employee behaviour is a complex one. To understand this fully, it is important to consider the impact of individual preferences, individual needs, company cultures and the mechanics of the schemes themselves. I get really disheartened when I talk to CEOs and business owners […]

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The Three Biggest Incentive Scheme Mistakes

We all intuitively know that money is not the only thing that motivates people, and in fact for many people it is not in their top five. We also know that unless we get the money “right” it will quickly become a source of demotivation which has a measurable impact on productivity and performance. In […]

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Christmas Bonus Do’s and Don’ts

It’s hard to believe that Christmas is only 7 weeks away – so if you haven’t started planning your staffing requirements yet, now is the time to start! This week we’ll tackle a few of the Christmas-related questions we’ve received on our Advice On-Demand hotline: 1) How much notice do I need to give staff of […]

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