During the course of an employee's tenure with your company, you might want to revise their salaries for various reasons. With Multiplier, you can quickly revise employee salaries on the platform in just three steps:
1. Select the employee whose salary needs to be revised
2. Enter the revised salary, job title, and/or additional compensation (as applicable)
3. Review and confirm the details
Continue reading for a step-by-step guide on how to revise salaries on the platform.
To revise an employee’s salary from the ‘Team’ module, follow the below steps:
Step 1: Navigate to 'Team' in the left sidebar.
1.1: Select the employee whose salary needs to be revised from the 'Active' tab.
Step 2: Click on the 'Compensation' tab to view the employee's Existing Job Title and Total Annual Salary.
2.1: Click on ‘Revise Salary’.
Step 3: Enter the revised details from the below options as applicable:
New Job Title
Revised Total Annual Salary
Effective Date (the date from when the updated salary takes effect)
Note: After selecting the ‘Effective Date’ from the calendar, note the below conditions:
a) If the ‘Effective Date’ is in the current month or backdated:
- Salary revisions made before the current month’s payroll cut-off date will be disbursed along with the same month’s salary.
- Salary revisions made after the current month’s payroll cut-off date will be disbursed along with the next month’s salary.
b) If the ‘Effective Date’ is future dated into the next months:
Regardless of when the changes are made in the current month, the revised compensation will be disbursed in the selected month’s salary.
Step 4: To add any additional compensation, click on 'Additional Pay Item' and choose a suitable option from the dropdown.
Note:
If you want to revise only the additional pay component in the contract, you can use ‘salary revision’ to do so. Go ahead and revise the additional pay component without changing the base salary.
If you have previously added any additional compensation for the selected employee, that pay item will appear on the screen, and you can edit or delete it as needed. If you do not change the existing additional compensation, it will continue to be in effect along with the revised salary.
4.1: Click on ‘Continue’ once you have added all the necessary information.
Step 5: Review and confirm the details by clicking on ‘Confirm Salary Revision’.
Step 6: Next, the payroll team will process the revisions. During this period, the status will read as ‘New Salary Revision Effective from <date>’.
Step 7: Once the payroll team has processed the revisions, the status will change from ‘New Salary Revision Effective from <date>’ to ‘Salary Revision Complete’.
Note:
The complete button will display a ‘tick mark’ as shown below, indicating the completion of the salary revision process.
To revise employee salaries, you can also use the 'Salary Revision' module on the left sidebar.