Pay benchmarking
So how many times has an employee marched into your office waving a cut out advert from the local paper claiming ‘I could get a 20% pay rise if I went to work there!’
It might be a justified claim – in which case you risk losing hard to replace talent. It might not be true – that job could be totally different from the work undertaken at your organization. In either case, you need to know the facts around your market pay stance if you are to set reward strategy, design pay structures and give consistent messages to employees around pay and benefits.
There are a bewildering number of salary survey providers out there, from major global databases to niche market surveys. Innecto can help objectively research, recommend and source suitable surveys, as we are independent of all providers. Often we might recommend more than one source, depending upon depth of data and other participants. If you have specialist roles, we can look at running a bespoke ‘club’ survey to get market data from organizations that have similar roles – recent ‘club’ surveys have covered sports professional and jobs within horticultural retail outlets.
Once all data has been gathered, we produce a report that shows where your employees sit versus market norms – upper/lower quartiles and median. We then provide analysis and advice around options for change, often linking this data into the design of a pay structure.
Talk to us
For further information about about Innecto’s pay benchmarking, please contact us or call us now on 0207 268 3664.
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