Creating and Using a Salary Increase Matrix
1 hour 30 minutes
Find out how to implement a merit matrix program that works for your company.
Most organizations struggle to effectively reward employees with appropriate salary increases. Of course, appropriate can be a subjective term. This topic will help you set the right salary increase budget for your organization and provide a framework for salary increases - one that rewards for performance and evaluates salary range placement. This process will drive needy employees through the pay range quickly while slowing down increases for well-paid employees approaching the top of the pay range.
• You will be able to define salary increase methods.
• You will be able to describe best practices in aligning pay with performance.
• You will be able to discuss appropriate employee increase amounts.
• You will be able to explain the rationale for compensation decisions.