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Pay should be adjusted at least every two years, and preferably every year. Letting people go a long time without a raise puts the thought in their head that they're not valued or appreciated. And workers who feel that way will be eager to leave as soon as they can.
At minimum, compensation should be reviewed once a year. Randomly reviewing and providing increases, if appropriate, will help employees feel valued. Depending on the increase and timing-- you could provide smaller increments but more frequently. It benefits the employee financially and goes beyond that for the employer in terms of retention and morale of your employees.
This is a great question. I believe organizations with solid HR and Comp practices will always assess every year. However, if you’re asking from a candidate perspective, I do think people reach a breaking point with feeling undervalued if they aren’t paid according to their experience and tenure especially if they aren’t high performers.
Rising Star
That’s a good point, thanks for this . Annual reviews only matter if they lead to meaningful movement. Once pay and responsibility feel out of sync, people start testing the market. Do you think clearer comp communication helps, or does actual pay growth matter more?