Salary Benchmarking
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What is Salary Benchmarking?
- Successful organisations operate under competitive and attractive employment conditions.
- Salary benchmarking can deliver these conditions at a sustainable fixed-cost basis.
- We compare salaries between posts with comparable responsibilities across a range of organisations.
- Salary benchmarking is not an absolute science – but it is a logical approach to information gathering. It enables you to make informed decisions.
We can help you to…
- Attract and retain the right kind of employees;
- Maximise the value of your people spend; and
- Embed solutions with transferred knowledge, avoiding ‘consultant dependency’.
The process
- Briefing; reviewing and collecting background information about the organisation.
- Interviewing the employees whose salaries are to undergo a review.
- Validating and, if necessary, updating current role profiles. (It may be necessary to create new role profiles. We can assist in their design.)
- Salary benchmarking: collating comparative data from a variety of sources. (e.g. comparable publicly advertised posts; specialised survey data.)
- Preparing a draft report; discussions with the commissioning organisation; finalising the report.
Our expertise enables you to…
- Combine the strengths of formal job sizing and survey data with real-time market knowledge;
- Navigate the factors which influence salary levels, such as market sector, geographical location and organisation size; and
- Identify suitable and sufficient comparators where posts are atypical.
“The results were extremely beneficial. The excellent work resulted in a successful pay review for our staff.”
Peter Burrows, Finance Director, Composite Material Supplies Ltd
Contact
- Paul Robertson, Head of Practice and Managing Director
- 0870 890 9882
- enquiries@wayshrc.com
Click here to read or download more about ‘Salary Benchmarking’