Salary & benefit benchmarking is a process of comparing your organization’s salaries & benefits against the market rates and practices. This allows to see how competitive you are within the marketplace. You compare the salaries & benefits offered against similar jobs in other organizations. You compare like-with-like using factors such as geographic location, job roles, organization size and sector.
Accuracy
The most accurate salary benchmarking analysis each role. This involves comparing it against the most closely matched job profile rather than relying on broader criterias such as job family and career type. The same job family or job sub-family can covered differing roles with different common duties and responsibilities.
Salary Benchmarking Report
Salary management practices and other components of the total reward can also be benchmarked against the market. Additionally, you may compare against competitors or specific organizations. A salary benchmarking result shows where your company sits in the market and how competitive your salaries are. The information can be used to calculate realistic pay adjustments and it can justify any changes the market dictates.
HR Enablement
Many organizations need accurate and up-to-date market salary information to present to the reward management team that enables to justify any pay and reward recommendations. Since, effective salary benchmarking requires deep expertise, we provide expert support beyond producing reports regularly and providing second to none best in class tools. We have worked with leaders and trained HR professionals to carry out effective benchmarking exercises. Our know-how is priceless in this field and provide great advantages those who dedicate to add value to their organizations.
