Compensation Review Tracker
A compensation review tracker to run your annual pay cycle — track proposed increases, budget spend, compa-ratios, and approvals in one consistent place.
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What you get
- A per-employee review tracker with current pay, proposal, and new pay
- Built-in budget burndown so you never overspend the merit pool
- Compa-ratio and percentage-increase columns for calibration
- An approval-status workflow from manager to finance sign-off
Template preview
The structure, not the finished file. The PDF and CSV carry the complete version.
Cycle details
- Review cycle— e.g. FY26 annual review
- Effective date
- Total merit budget— e.g. 4% of payroll
- Approver
Review tracker
| Employee | Band | Current salary | Proposed increase % | New salary | New compa-ratio | Status |
|---|---|---|---|---|---|---|
| Sample, A. | B3 | 110,000 | 5% | 115,500 | 97% | Approved |
| Sample, B. | B2 | 80,000 | 8% | 86,400 | 102% | Pending finance |
Budget burndown
| Metric | Amount |
|---|---|
| Total merit budget | |
| Spent so far | |
| Remaining | |
| Average increase % |
Calibration checks
- No high performer left below band midpoint without a plan
- Increases distributed by performance, not tenure or favouritism
- Pay-equity gaps reviewed before finalising
- Total spend within the approved budget
Tip: run a calibration session across managers before approvals lock. It surfaces inconsistent rating-to-increase logic and the equity gaps a single-manager view always misses.
The preview stops here; the template continues in the download.
How to use this template
- Load your population. Add every eligible employee with their current salary, band, and last increase date.
- Enter proposals. Capture each manager's proposed increase and let the tracker calculate the new salary and compa-ratio.
- Calibrate to budget. Watch the running budget total and adjust proposals so the cycle lands within the approved pool.
- Route for approval. Update the status column as each change moves through manager, HR, and finance approval.
Frequently asked questions
What is a typical merit increase budget?
Annual merit budgets commonly land between 3% and 5% of payroll, varying by market conditions and inflation. Top performers should receive meaningfully more than the average, funded by lower increases elsewhere.
How do I keep the cycle fair?
Calibrate across managers before approvals, tie increases to documented performance, and run a pay-equity check on the proposed numbers so a bias-free spreadsheet doesn't produce a biased outcome.
Should compa-ratio drive the increase?
It should inform it, not dictate it. A strong performer low in their band warrants a larger increase to move toward midpoint; a topped-out employee may need a promotion rather than another raise.