How can Salary Benchmarking help your business?
Our Salary benchmarking service gives an impartial and accurate indication of salary information. This can help businesses to attract and retain the right people, with great effectiveness.
Retain your top talent
A proven tool used by many businesses, salary benchmarking is used to attract and retain the right people that are valuable to their organisation, as we have seen with the recent ‘great resignation’. It is now more important than ever for businesses to retain their top performers as we continue to see how employee retention continues to be a problem for businesses with more employees looking for the most attractive role. Some of the key factors that can influence an employee to change roles include working hours, benefits and of course, salary.
Attract the right candidates
Not just limited to being used as a tool for staff retention, salary benchmarking is also a great tool for company growth. By offering a salary that meets the standards for the location, sector and job role, the candidate can have total peace of mind when applying to work for you, that the pay will meet their expectations. Our service will also allow your company to be viewed as current, and ahead of the curve which in turn, will ensure that you stand out further from the competition.
Company culture
Salaries and benefits can often be a rather taboo subject, with many not wishing to discuss exactly how much they are earning with their fellow colleagues. Salary benchmarking allows all your employees to essentially be on the same page, with the understanding of how and why the people working around them earn the salary that they do.
Having this mutual understanding between your employees can go a long way to improve the culture within your business, as it eliminates the need for anyone within the organisation to question the reasons behind their own salary. It is effectively public knowledge.
Getting started
When it comes to salary benchmarking, we’ve got you covered. We work with an expert partner that will offer you a complete, in-depth analysis of your businesses salary and benefit package offering.
Save time. Save money. Save resources.
Although many business owners see salary benchmarking as a costly tool to implement (because it can mean increasing salaries or offering a higher starting salary) in reality, salary benchmarking can save your business from unnecessary recruitment costs.
Retaining your staff as opposed to recruiting a replacement is a proven money-saving tactic and is one that can be further promoted with the use of salary benchmarking.
Time is money and as a business owner, you will be aware of the truth behind such a statement.
Reduce administrative tasks involved in every stage of the employee life cycle. The employee will understand exactly why they are earning their salary and that it falls in line with the location, level of experience and job role that they are in.
The correct use of salary benchmarking will also offer peace of mind to any applicants that wish to work with you, it will be far easier for your business to negotiate a salary package when you understand the pay boundaries that you are working within, coupled with the expectations of the applicant/ interviewee.
If you’d like to discuss salary benchmarking with us further, please complete the form below and a member of our team will be in touch.
