What is it?
Benchmarking is a process of gathering information on salaries and benefits offered by other organisations. This information is then compared against the pay and benefits package offered within your own organisation to determine how competitive and attractive you are as an employer.
Data for benchmarking will ideally be collated from a variety of sources including reputable salary surveys and market data from advertised roles. This can be done fully across all roles in an organisation or selected roles at each level, typically including those that are difficult to recruit or may attract market premiums. The data can be provided with a focus on the local market, a variety of locations or UK wide as required by your business.
Why do it?
Benchmarking is a crucial tool in understanding how competitive your pay and benefits package is. To attract and retain the best employees, you need to offer a fair and competitive package. If you know you are paying less than your competitors or offering lower benefits, you risk losing current employees and reducing your pool of potential applicants, leading to a negative impact on your business.
It is not all about increasing pay though. Accurate benchmarking data can help support business arguments that pay increases are not needed for certain roles, or that the levels being suggested by employees are too high. It can also provide more accurate costings for potential employees if looking to expand your business into new markets.
How we can help
Our experts offer a benchmarking service tailored to your needs.
- provide a benchmarking report and recommendations for one or more jobs within your organisation.
- help you match jobs to published salary surveys to enable you to self-serve in future.
- provide a one-off report to support decision making.
- provide on-going support for pay reviews and recruitment/retention processes.
Want more information on Salary Benchmarking? Check out our webinar here!
Contact us to find out more.