Jun 27, 2023
While the frequency of salary reviews can vary depending on the needs and circumstances of the business, there are several compelling reasons why conducting salary reviews once a year following a formal performance review can be beneficial.
Clear performance metrics: When salary reviews are conducted once a year following a formal performance review, team members are able to clearly see how their performance is being evaluated. This can help to ensure that they understand what is expected of them and what they need to do to achieve salary increases and other compensation.
Consistency and fairness: Conducting salary reviews once a year can help to ensure that team members are evaluated consistently and fairly. This can help to prevent biases and ensure that all team members are evaluated on the same criteria.
Motivation and retention: Conducting regular salary reviews can help to motivate team members and increase their sense of job satisfaction. This, in turn, can help to improve retention rates and reduce turnover.
Budget planning: Conducting salary reviews once a year can also help businesses to plan their budgets effectively. By knowing when salary reviews will take place, businesses can plan their finances accordingly and ensure that they have the necessary resources to reward high-performing team members.
Better communication: Conducting salary reviews once a year following a formal performance review can also help to facilitate better communication between team members and managers. By having a clear process in place, team members can feel more comfortable discussing their performance and compensation with their managers, leading to better relationships and a more productive work environment.
There are several reasons why conducting salary reviews once a year following a formal performance review can be beneficial for businesses. By ensuring that team members are evaluated consistently and fairly, and by providing clear performance metrics and better communication, businesses can help to motivate their team members and improve retention rates.
If you’d like to find out more about salary reviews or performance reviews, email your questions to info@totalhrm.com.au or talk to an expert.
Guides to help you uncover human resource insights, and make the right changes to improve team delight.
Amelie is our Marketing Lead and currently studying for a B.A. in Business and Visual Arts. She brings her visual arts skills and eye for colour and detail to our graphics and design for the business.
Amelie uses her skills as a digital native in our Marketing team and works across our social media channels. Amelie provides administrative support and assists the recruitment team in finding great candidates.
Sarah joins the team at Total HRM following her time in a regional real estate company, most recently in HR. She brings a solid understanding of the unique dynamics and challenges within small and medium-sized businesses.
Prior to real estate, Sarah worked in the airline industry, providing her with excellent skills in customer service and how to remain calm in a crisis.
Known for her positive energy, Sarah approaches her role with enthusiasm and a genuine desire to support and uplift those she works with. With her experience in HR and recruitment, Sarah is committed to fostering a culture of inclusivity, professional growth, and employee well-being. Her ability to connect with people and create a positive work atmosphere contributes to the overall success of teams and the business as a whole.
Ashly is one of our most experienced HR Business Partners with over 20 years of experience in manufacturing and hospitality, both local and overseas, ranging from large multinational companies to small family-owned operations. Throughout his career, Ashly regularly led teams with over 30 employees while continually growing the business and aligning business strategies with employee capabilities.
Ashly has qualifications in Applied Management and Human Resources and a strong leadership and people management background. Ashly combines his experience with his qualifications to develop great workplace cultures while delivering practical support.
As our Business Services Manager, David keeps everything that is Total HRM ticking along – from overseeing administration and finance functions, liaising with clients and suppliers, to IT troubleshooting and keeping everyone on track to deliver effective customer service to all our clients.
In a business landscape of ‘information overload’, Kim’s pragmatic approach simplifies the ever-changing HR trends and legislation to obtain meaningful and maximum benefits for her clients.
Kim is well known for her ability to understand the ‘real’ issues within businesses and to provide solutions for sustained business growth.
Kim has over 20 years of experience in human resources and 15 years of business consulting experience, and she holds post-graduate Business and Human Resource qualifications.
She has vast and varied experience in senior consulting roles across varying disciplines and HR management positions within retail, manufacturing and professional service sectors.
Linda is the Managing Director of Total HRM and has worked for over twenty five years in business and consulting, including executive and senior management roles. She has worked here and overseas in numerous industries, including mining, energy and government. Her experience in areas such as production, strategic planning, finance, OHS/WHS, and lecturing in Human Resources Management at La Trobe University provides her with a unique blend of business and HR capability.
Linda has led comprehensive organisational restructures and implemented programs to improve the effectiveness of businesses with clear alignment between individuals’ contributions and organisational outcomes. She works with various local boards and executive teams in the region. She is a Certified Professional Member of the Australian Human Resources Institute.