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A ready-to-use Excel solution to calculate the recommended individual employee salary increases and the required changes to budget to help you go beyond the traditional salary increase matrices.
With the highest inflation rates in decades, companies are planning substantial salary increases for their next budgets. 42% of HR leaders plan to individualize compensation and benefits for different groups, 70% of HR predict higher than average employee attrition this year and 1 in 2 employees do not feel financially secure for the future (Mercer Global Talent Trends study, 2023).
With the Pay Increase Tool, build a thriving workplace to ensure:
- Your higher merit increases budget is spent well
- Your merit increases are addressing the rising cost of living and supports your rewards strategy
- You maximize the positive impact of spending your budget
- Your managers allocate their budgets well and use this opportunity to address existing inequalities in their teams."
Create your pay increase philosophy
Incorporate three organizational priorities into the design of your salary increase distribution algorithm and also give an increase premium to your selected incumbents.
Budget and determine the increases
Calculate the budget required to fulfil your talent considerations and see how it cascades to various business units.
Get insights to work effectively
Consolidate input from individual managers into one database; see the distributions of your employees by gender and salary band.
Go beyond traditional salary increase matrices while designing your salary increase distribution algorithm
With the highest inflation rates in decades, companies are planning substantial salary increases for their budgets next year. Talent scarcity and high attrition rates remain employers' top concerns (Mercer Global Talent Trends study, 2023).
Pay Increase Tool is an Excel-based solution to help you recalibrate your reward increase model based on your company strategy to reward your employees competitively while keeping budget under control.
Pay Increase Tool will enable you to:
- Identify talent considerations aligning with organizational strategy and how these would impact on your employees' base salary increase to remain competitive
- Implement global salary increases standards across various business units to enable consistency in the organization
- Transparently communicate the same salary increases standards among your managers and, if required, social partners (unions) and employees
- Recommend individual employees’ salary increases to your managers giving them the freedom to adjust the percentages and visibility on how their decisions would impact their employees’ pay positioning
- Calculate the required increase to budget taking into consideration your salary increases philosophy
- Monitor your pay pot spend effectively
- Streamlined and consolidated input from all stakeholders into the one database.
Building your pay increase strategy in five simple steps
Step 1: Determine your pay increase philosophy by selecting up to three key factors aligning with company strategy; these elements will impact the increases.
Step 2: Determine your salary increase budget and distribute it among your business units, managers and employees.
Step 3: See how your philosophy translates into pay increases.
Step 4: Generate salary increase recommendations for each employee group.
Step 5: Get insights! Check the outcome of salary increase distribution to each employee, employee group and salary bands after making any final adjustments (e.g. adjusting special salary increase premiums for promoted employees).
New tool set-up
Includes set-up of the tool, uploading of client's data and 1h training
7 working Days
For more detailed information on price, content, features and timing, please contact:
Phone: +48 669 690 664 / +48 22 436 6875