On your marks! Why salary benchmarking is important
I’m often asked by clients if their staff salary packages are in line by those offered by their competitors. Very few businesses have direct access to this important information and getting hold of it can be a real challenge.
But even if you’re not sure on the ‘going rate’ for a particular role, you can bet your bottom dollar that the person in your company who holds that position certainly does.
And if they think they’re getting a raw deal, they probably won’t be your employee for much longer!
That’s why its so important that you get a clear picture of earnings in your sector to avoid underpaying those key members of staff.
But salary benchmarking is also a really useful tool when you’re recruiting a new team member.
For a start it gives you an excellent position to begin your salary negotiations from, if you know what the average figures are for that position in your region, then you can tailor your salary offer accordingly.
And once your new employee is on board, you can use salary benchmarking as a tool to motivate your staff to develop their careers within your business to reach salary milestones.
But as this information isn’t widely available, it’s difficult to know where to start. Thanks to our strong relationships with prestigious clients in a variety of industries and ongoing ties to happily placed candidates, Appointments conduct an annual salary benchmarking review to help local businesses ensure that their salary offerings remain competitive in a market where attracting and retaining candidates is becoming increasingly problematic.
Click here to see the results of our latest salary survey.