Setting Salary Review Dates to Increase Productivity

?A lot of smaller companies have an ad hoc way of managing reviews and salary reviews. One of the first things we often work with companies on is creating certainty for your employees. With the ongoing increase in the % increase superannuation guarantee on 1 July, it makes the most sense to start aligning salary reviews, especially for companies that pay in salary packages (including superannuation).

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This article explores why annual or set periods for reviews help create happier employee brains. Neuroscience shows us it is not just about providing certainty on when but also how an employee's value and salary is determined. These are key things we work with companies on and we will provide further insights in later content. ?

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Implementing specific times for salary and promotion reviews goes beyond just business – it's about optimising your people's brainpower. Let's explore how this simple practice aligns with our brain's functioning and can elevate your team's performance.

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Tips for Success:

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1. Sticking to a Routine:

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Tip: Establish a consistent schedule for reviews, whether quarterly, bi-annually, or annually. Make it a well-known and non-negotiable part of your company culture.

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Why It Matters: Routines calm the brain. When your employees know when to expect feedback, it creates a sense of order and reduces stress, allowing them to focus on their tasks more effectively.

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2. Knowing When to Expect Rewards:

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Tip: Communicate the review schedule clearly and well in advance. Provide information on what criteria are considered during the review process.

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Why It Matters: Transparency breeds anticipation. When employees know when potential rewards are on the horizon, it becomes a powerful motivator, encouraging them to give their best consistently.

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3. Getting Motivated and Doing More:

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Tip: Integrate goal-setting sessions before each review period. Encourage employees to set personal and professional goals aligned with the company's objectives.

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Why It Matters: Knowing that a review is approaching creates a surge of motivation. Leverage this excitement by channeling it towards increased effort, innovation, and productivity during the review period.

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4. Less Stress, Better Thinking:

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Tip: Provide support and resources for ongoing skill development. This helps employees feel more confident about their abilities, reducing anxiety related to reviews.

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Why It Matters: Reduced stress equals clearer thinking. When employees feel secure in their skills and future prospects, their decision-making improves, positively impacting overall workplace dynamics.

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5. Keeping Your Employees Happy:

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Tip: Beyond financial considerations, emphasize a positive work culture. Recognize achievements, celebrate milestones, and foster a sense of camaraderie among your team.

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Why It Matters: Job security and happiness go hand in hand. When employees feel secure, they're more likely to stay with the company, contributing to a stable and cohesive work environment.

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Conclusion:

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By adhering to scheduled reviews, you're not just following a routine; you're helping your people's brains. This structured approach provides certainty and motivation, reducing stress and contributing to a happier, more productive workplace. It's a strategy that benefits both your team and your company – a true win-win scenario!

If you or your company would like any assistance setting up a salary system that works for both your business and helps your people, reach out to us at [email protected] - We are on a mission to set up as many people and businesses as we can. #towardsbetter