What is Compensation Benchmarking?
There are so many different types of compensation packages that it may seem impossible to choose the correct option for your company. By becoming familiar with the average compensation in your industry, you can feel confident that you’re attracting the best candidates and increasing employee satisfaction and retention. Employers must walk a fine line between valuing their employees and keeping their compensation model profitable. Compensation benchmarking research helps you determine the sweet spot for your company.
The Benefits of Compensation Benchmarking
What company can’t benefit from learning more about how to keep their pay and benefits competitive? And that’s just one of many benefits offered by this service. Here are more perks of having your HR consulting team conduct compensation benchmarking analysis:
- 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. To learn more about our Compensation Benchmarking Services, contact us online or call 877-753-0970.