It is recommended that employers have a Remuneration Policy to help all employees understand the organisation’s approach to their remuneration strategy. The remuneration policy needs to outline if employees will be paid fixed or variable pay, or a mix of these. It should also include details of any applicable incentive/bonus scheme.
Remuneration is a key part of the employment agreement and even if the offering is not as strong as a competitor, it needs to be transparent and accessible to all employees. When employers have a strong Employee Value Proposition (EVP), workers are able to balance out the remuneration offering with other aspects that are important such as flexibility, training and development, career progression and access to employer discount. In absence of this, the focus shifts to purely the remuneration offering and no organisation has an endless bucket of money to meet and exceed each employee’s expectations. Above all else, an employee’s remuneration needs to meet the requirements of the relevant underpinning industrial award/contract or agreement.
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