Make sure your salaries measure up to your talent
Amongst employees, remuneration is one of the biggest motivators when they are considering a new role. Most employers find it difficult to identify the market rate for a particular skill set, making it extremely challenging to hire new talent and retain existing individuals.
A basic salary survey for each of our core disciplines can be downloaded below. This survey provides an average salary indicator for all common job titles across the UK.
For a more specific requirement within a certain geographical area, industry or skill set, please contact our team to discuss our in-depth salary benchmarking services and how it can add value to your process.
What is salary benchmarking?
Salary benchmarking, also known as ‘compensation benchmarking’ is an in-depth investigation of the true market value of a given role.
Opposed to a basic salary survey, which will provide average salaries based on only a select few metrics, salary benchmarking delivers far more detail and takes into account a range of factors which have a bearing on an individual’s salary package, including their location, education level, market sector, company size and experience level.
The information gathered in every benchmarking process is bespoke to an individual client’s needs. The idea is that by analysing the market and your competitors, you can identify and establish a reliable set of benchmarks against which you can set your own salary offerings. This will allow you to not only compete for the best talent, but do so without overpaying.
Why do I need it?
An accurate and efficient salary benchmarking service can be highly valuable. It allows hiring managers to make an informed decision based on verifiable and unbiased information.
In order to recruit and retain the most capable individuals in the industry, it’s imperative to ensure they receive a salary package that compensates them for their experience, qualifications and capabilities.
By undervaluing existing employees, you run the risk of losing them to competitors, while offering below market value when recruiting will all but guarantee you missing out on the best available talent.
Due to these challenges, we have found an increased demand for our in-depth salary benchmarking services.
What is the process?
- Briefing: A detailed brief is taken from you in confidence which investigates the reasons behind the salary benchmarking exercise and what you wish to achieve from it.
- Consultation: Once we are satisfied with the objective, we will develop a benchmarking plan, which will include our approach and the information we will gather.
- Data Gathering: There are many approaches to gathering the necessary information, most of which make use of our extensive network of industry contacts. We will proactively gather all information highlighted in the consultation phase.
- Progress Report: Before preparing our final report, we will discuss our current progress with you and welcome any feedback. This is to ensure that the final survey meets with your expectations and delivers truly useful and actionable data.
- Delivery: The electronic report is delivered to you and any questions are answered.
For a confidential discussion regarding your Salary Benchmarking needs, please contact our office.