V�q�!�/+X.X'�p��a����q��x$WPoF_>��mr�ʤJ:9@j���W�NUR���t�r��҅J�x,��v�)]`�2�I����ƈ�����S�l�;X�G�����=��(s!=e3�A=\5�=}RZH�Dx�?q�W���s��-���va�>TU3�L�?ŗ�Y_3�9r��Vێ��tG���R�&;�N��9�/��&�`�:�iꂐ��� 1��ڄ�ӅC�P4JKav�HǸ�V�I-m?v��g��Ps!mp�GI��.L����VR�Ӗ4�H�۠�r͔�}�h���GL�ݫ��?d�4�8�rkB�Q�O��9;%�)�0��� �c�SE*.�D)>�����r��f�~eq��{����i `����[8:�8�hc����7q�k��TLB:���� <> <> This deserves a blog post on its own which we’ll be releasing in the next few weeks. <>/F 4/A<>>> �?�����x�w�{ێm�-��ŶXio���>��M�"ǧ�q�̻�2m��6���6n:�h>��o���l9�;�����ok��4|��3�t�}�u�f``����V�r�f(%q����x�������͖����z�y���a��0���uv��u�t���ˑ�ߵ�>Nxa���x�K���'�=�������8�i"=&�U�=���坛-9��q��d��q|P�vq�紐?�~�����W��w�U�$�:�g��gf���5-�+?X\~:�z_���{����#�MCvN���V4m�aon�i/Q8���Ä�\zw�c�^z��[Mm�Ƹ&��6ֆ(�������w�4k#o�K�b������ܓ�������~Х� ���)����Sc�6��J���t��6;k�o}�f����gs��f������[U*{)q���f�����t~���h�o7�D�8����-��;w���[�:t������t|eQ�R���L��/�u~�x���I�@���U42���Uϕ�ޓ�/�ݭͽ�8�������‹�;v\�xQ�ә3g683�W^y9�Q=����V�����DX?P���IJ#]�.�\�[������r��^u�ͮ0Y�0R #salarysurvey #salarybenchmarking. Some of the factors that can affect pay rates include geographic location, experience, education level, job responsibilities, organization size and financial resources. The most popular answer is to improve the organisation's ability to recruit, motivate and retain the people it needs. Benchmarking – i.e. endobj Fill out the appropriate information for your business and your competitors in order to compare and analyze differences in the various categories. Make sure you clearly document what approach you took to arrive at the final benchmark so that when you come to refresh the data in 6 /12 months time, you know what methodology to use for each role. In order to remain competitive and attract and retain talent in a given market, we recommend you start with pulling data in the 50th percentile i.e. If not then you may want to look at using, You can create a cost of living multipliers for cities and countries using. Where the first generation of these tools was web-based, now they are mobile and often embedded in different applications like Slack and Microsoft Office for example. The whole salary benchmarking process is time consuming and can be costly. Where should we get the base salary data from? *8F" If you opted for something like Radford you can drill down to city level. Salary benchmarking is an important part of your talent retention strategy, losing employees can be costly and can delay the growth of your company. First, develop a summary of findings and opportunities based on the data, and align your improvement recommendations with current program operating goal(s) (e.g., common, effective practice versus best practice). Salary benchmarking is comparing your company’s salaries against the compensation of other companies in your industry and geographical region. endobj More importantly does it make sense to pay differently between two cities in the same country. Finding the best match for your job is critical to an effective salary benchmarking exercise. the average in the market. A salary benchmarking report shows where your company sits in the market and how competitive it is. A thorough analysis of the data and percentiles will inform you as to where your salaries sit in comparison to your preferred position and the levels paid by your comparator groups, however that does not mean that’s what you have to pay. Get in touch with the People Collective if you’d like help with your next salary benchmarking exercise and learn about how we’ve helped companies like TrueLayer, Bud, Seedrs, Lingokids, CharlieHR, Second Nature and many more solve this gnarly topic. endobj Well, I’m here to tell you that there is no silver bullet in salary benchmarking. By Staff Writer. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 8 0 R 11 0 R] /MediaBox[ 0 0 595.32 841.92] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> What percentile should we pay in? Glint 63 . endobj Salary ranges can vary widely depending on the city and many other important factors, including education, certifications, additional skills, the number of years you have spent in your profession. Comparing your business performance against certain reference points – is a popular and potentially powerful way to glean insights that can lead to improved performance. Simply select a job function and industry to get a breakdown of the average salary for each level. The Different Types Of Benchmarking – Examples And Easy Explanations. If you don’t do this, you’ll be in a world of pain. I'd love to know how other people approach this traditionally tricky exercise. It’s called salary benchmarking. At its best, it can be used 2 0 obj � H�Ȑ�a��N/ԯ��ѩ�r�-��#�"{���貭����h�5'G��6�? May 15, 2009 The Importance of Creating a Salary Benchmarking Plan. Here are some questions you need to think about: I’m not going to tackle all of these questions now but have picked a few that come up every time we carry these projects out. In our experience, successful benchmarking exercises focus on the following elements: 1. This will essentially form your progression and levelling framework on top of which you need to place your salary data for each role and level. It consisted of me trawling through LinkedIn, Glassdoor, Payscal and huge 100 page PDFs from recruiters like Hays. At The People Collective we’ve carried out 25+ salary benchmarking projects in the last 2 years and want to share some of our learnings and answer the question: I’ll get the bad news out the way first. <>/F 4/A<>>> There is no job category for the role I’m benchmarking against. Compensation benchmarking isn’t a dark art. 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