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The Big Dollar Question

Businesses are often confronted with the quandary of what to pay their staff. It is important to create a remuneration package that is attractive, which is not always about the dollar factor. It is important to have a remuneration structure that rewards employees for performing their duties as expected, but it may also have a component that is about rewarding performance that exceeds those general expectations. It may also contain rewards that include additional leave or entitlements outside the agreed salary figure.

Thirdly, depending on your award coverage, business budgeting and performance review processes, you will want to link any remuneration review to those key business activities.

No matter the configuration, remuneration packages should always be in writing and reviewed each year. Although contrary to employee expectation, being reviewed does not always mean their remuneration will increase each year (with the exception of award wage increases).

Towards the end of the financial year has traditionally been a time for reviewing salaries, and it is also coming to the annual review of the minimum wage, which affects wages for those being paid award rates.

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