When it comes to attracting and retaining staff, money is not the be all and end all. However, it is useful to know what the going rate is for particular jobs in the area in which you are operating.
Pay too little and you may lose important members of the team, but pay too much and you could be losing potential profits.
Paying the going rate makes sense. If you pay a good
member of staff below this, then they might be tempted by another
business offering the market rate.
The short term gain of spending less
on a salary will be outweighed by the cost of recruiting a new person,
who will probably demand the going rate anyway.
Why use our benchmarking service?
We can provide you with precise market pay data for
your roles, giving you a report that shows the market salary,
along with the typical bonus and benefits levels that you can expect for
your organisation. We can do this for a single role, groups of jobs or for all of them.
Our service is tried and tested, and has been applied in a wide range of settings. Why not commission us to:
> access several sets of reliable survey data, saving you the cost of subscribing.
> use our experience to assess this data accurately, saving you considerable time.
> provide you with an independent, impartial assessment.
> present and explain our findings for you in a spreadsheet or detailed report format.
It makes sense to use our expertise and survey data to provide you with benchmarking information, rather than trying to source and interpret it in-house.
Download our Pay benchmarking brochure to find out more. It explains the process and includes examples of the
types of companies we have helped and the roles we have benchmarked.
Step 1: Assessing the job
We start by working out the size of the job, either by assessing the general level at which the job operates or by getting an exact fix using job sizing. We use available job information and discuss the role with you if necessary.
Step 2: Benchmarking the job
Pay benchmarking is all about interpreting the available data. We use a range of data sources to provide you with enough evidence to make an accurate assessment.
> Salary-Check database We have used our wide experience of working with
surveys to develop our Salary-Check database. This gathers a range of survey information to provide a level of accuracy
in establishing market rates of pay that is hard to obtain from
reviewing individual data sources.
> National salary surveys We subscribe to a range of surveys which provide further information, based on job title, job level and the organisation. Surveys operate differently, but we use our expertise to draw accurate comparisons between them.
We also subscribe to a database that gives us access to regularly updated, named company data drawn from over 9,000 roles in around 750 UK organisations.
> Publicly available data We can supplement our own data with information from advertisements, company reports and agency surveys.
> Pay rise trends Survey data provides historical context to pay, adverts provide a current picture. It is important to consider current and forecast trends in pay - we have the resources to assess these for you.
The process is tailored to your needs and can be applied to a single role, families of jobs, or to your entire pay structure. We are able to provide precise market data by combining information from a range of relevant sources, such as surveys and advertisements.
Step 3: Presenting our findings
We usually provide a detailed report that explains our
methodology and background research, but can also summarise the findings for you in our standard assessment (in a spreadsheet format).
We can provide you with sample report formats on request, so you see the level of detail to expect.
Find out more and request a quotation...
Benchmarking
costs from just £85 + VAT per role for a standard assessment and from
£170 + VAT per role for a detailed report, depending on the number of
jobs and level of detail you require.
Contact us on 01454 501686 to talk about your exact
requirements and we will recommend an approach that is tailored to you.
Alternatively, complete the form below and we'll get in touch
with you.
