Clients are increasingly coming to us as they continue to have significant challenges attracting and retaining top talent. It is often the case that they have not taken the time to benchmark their internal compensation to the marketplace.
Why is benchmarking salary information so important?
Salary information is one of the deepest kept secrets in the marketplace. Information obtained from reviewing external salary data helps organizations design and manage their compensation structures to ensure both internal consistency as well as market competitiveness.
Employers can get the most out of benchmarking their salary information to what the market is bearing by taking that information and creating an offering like no other, to attract and retain the best and brightest.
If you aren’t paying competitively you will have a significant challenge attracting talent and more importantly retaining talent in today’s extremely competitive market.
How often should I compare internal salaries to the external market?
Depending on the sector in which you operate, it may be critical to benchmark annually if you are in an extremely competitive market where the war for talent is intense. At a minimum, you should be comparing internal salaries to market every two (2) years to ensure your organization maintains its competitive advantage.
Where do I go to learn about what the market is paying for the roles we have in our business?
We can help by providing assistance through our customized and cost-effective salary benchmarking services where our team of Consultants:
- Work with you to understand the roles in your organization
- Source salary information based on your organization’s size, sector, revenue, job descriptions and core competencies and knowledge and skills required to perform in each role
- Present robust reporting that illustrates competitive market data and how you compensate your talent in contrast to your competitors, both from a base salary standpoint, and from a total compensation standpoint
- Adjust your salary ranges and compensation structure based on findings and recommendations