It can sometimes be difficult for an organization to figure out what to pay their employees, especially when mixing in alternative forms of compensation such as retirement benefits, health insurance, expense accounts, and company vehicles. Integrity HR’s Compensation Benchmarking services will analyze your market and create a compensation benchmark for you given the characteristics of your company and the positions offered.
Benefits of Compensation Benchmarking:
- Confidence That You Are Offering Competitive Wages Within Your Industry
- Improving Efficiency By Eliminating “Overpayment” of Employees
- Reduction of Discrimination Risk by Setting a Clear Baseline
- Increase Motivation of Your Workforce Through Proper Compensation Practice
- Reduce Risk of Salary Negotiation Process By Having a Clear Standard Based on Objective Verifiable Facts
- Decrease Uncertainty When Creating New Positions
- Saves Valuable Resources By Streamlining Hiring Process
As you can see there are many benefits to establishing a clear benchmark for the positions within your company or the positions you plan to create. The investment in knowing what your employees are worth and how they stack up against the competition is well worth it.