The new financial year often sees business take the opportunity to review the salaries and wages of their staff.

Many organisations conduct a formal review process which includes questionnaires, goal setting, measurement of key performance indicators and interviews…while others are less formal.

The level of formality might depend on the nature of your work and type of organisation you work for, as well as where you sit in your organisation…but if you have a goal of where you would like to be in the future…now is a great time to take the initiative and ask for a formal review process to be implemented.

In the event that you are rewarded with a pay rise…congratulations…but there are a few things you should consider, primarily how you’ll spend it?  By spending, I do also mean saving, or how you can utilise it in a wealth creation or tax effective manner.

Earning a pay rise is cause for celebration, but is also a great time to review your financial situation, so make an appointment to see your accountant to discuss, they may then refer you to a financial planner if required.

PS in talking with your advisors, please make sure you also review your income protection insurance…that’s one many people often forget!

Regards