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Conventional salary review practices, particularly those conducted only once a year or less, can have a negative impact on employee motivation. This is because employees may feel undervalued or overlooked, especially if their efforts and achievements throughout the year are not recognized and rewarded appropriately. This can lead to decreased job satisfaction, reduced productivity, and higher turnover rates. It's important for organizations to regularly review and update their rewards programs to ensure they are effective in motivating and retaining talent.
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Deloitte research indicates that the overwhelming majority of companies – 91% of those surveyed – still follow the conventional practice of conducting salary reviews only once a year or less. Even worse, organizations rate their rewards programs with a Net Promoter Score of -15 and only 21% say they would recommend their program to others. Business and HR leaders are aware of the problem, but only 6% of respondents to a Deloitte survey indicate their organizations are good at attracting talent, and only 8% say they are good at retaining it.
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How can you make your team feel valued and stay motivated? Wrap up the year on a high note and recognize and reward the high achievers on your team. U...
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