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Using Salary Benchmarking Techniques To Provide Valuable Insight

A recent survey found that over a quarter of workers plan to move roles in the next 6 months.

While this number is down on previous years, with employees swaying towards stability amid economic uncertainty, the number of employees planning to move roles remains stubbornly high. 

Meanwhile, increased demands for transparency are making it ever more critical for businesses to assess the competitiveness of their offer. This insight enables you to refine the offer to attract and retain the best talent for your organisation.

Remuneration and career advancement are the two most significant factors in attrition. In both cases, benchmarking can help you understand how your offer compares to the competition.

Benchmarking provides the real-time data and insights you need to understand how your offer compares in the market. It highlights areas where you excel alongside those that need improvement. Our approach involves a combination of primary and secondary research, using third-party tools, publicly available information such as job advertisements, and speaking directly to those within competitor organisations to gain first-hand insight.

Benchmarking principles can be applied to various areas, including:

  • Salary benchmarking
  • Rewards and benefits benchmarking
  • Diversity benchmarking
  • Learning and development benchmarking

Although salary benchmarking is the most widely recognised option, its use is limited without a broader application to include rewards and benchmarking information, something we offer as standard.

Diversity benchmarking is another area that is growing in popularity, especially where transparency is becoming regulated. The benchmarking process helps organisations understand where their approach may be lacking and learn from the practices of other organisations.

Finally, benchmarking Learning & Development initiatives reveals what competing organisations offer their workforce—helping you understand how your business compares and what more you can do to engage employees throughout their journey.

Download our guide to Benchmarking in 2024

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