We are experimenting with different ways to set up our own salaries in our organisation. We have defined a "peer-advised" process that goes as follows:
1-Everyone can ask for a raise at any time, providing two things: new amount and a justification for it.
2-The role Salary Advisor will form a panel to give advice to the requester. This panel consists of peers working closely with the requester as well as other roles representing other interests of the company (finances, culture, strategic direction...)
3-The panel gives an opinion/advice about the request integrating all feedback from its members.
4-The requester can choose whether he/she wants to amend his/her proposal or continue ahead as it is.
5-Any member of the panel can raise an objection. This objection will have to be tested and integrated if valid.
I am happy to hear your comments/opinions if you have any.