The remuneration review is a process that many see as the foundation of the employee experience. They are important to the organisation’s bottom line and culture and most employers adopt a strategic approach to ensure compliance.
In addition, employers understand that failing to have a competitive compensation strategy can lead to talented and high performing employees choosing to see if the grass is greener in another organisation.
Beyond the responsibilities of organisations to meet their requirements under the relevant industrial instruments, they must all consider who needs to be further rewarded, who may be under par and where there may be inconsistencies in areas such as the gender pay gap.
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