How to proceed with salary review each year?

Currently, we have a compensation plan with a plan cycle which is live on PROD for the salary review process of this year. Kindly advise what should be done to process the salary review of next year.

Should we continue using the same compensation plan, but create a new cycle in it each year for the next salary review processes to come? or should we create a new compensation plan with a new cycle each year for the next salary review processes to come?