Compensation and Benefits Benchmarking
Compensation and Benefits benchmarking is vital to ensure that organizations remunerate their staff where both internal and external alignments are present to maximise the Employee Value Proposition as depicted above. Salary, overtime, and medical benefits are just some of the data points commonly compared in these surveys. Compensation and Benefits benchmarking can be of great value to organizations who would like to compare against others in their industry when it comes to rewarding their employees and are often used to attract and retain top staff. Companies find this exercise useful in comparing their compensation packages to others in similar positions and find the data useful when negotiating a raise or compensation package for a new position.
Our Experience in Compensation and Benefits Benchmarking
Our experiences in conducting various salary review and benefits alignments have shown that effective compensation policy improve employee retention to the company. Hence an integrated reward based system, encompassing internal business priorities and market trends are vital.
We assist organisations to decide the following:
- Compare your current remuneration and benefits structure to that of similar organisations in the market and identify strengths and weaknesses.
- Convey to your organisation with pertinent information on how to attract talented employees or retain key employees critical to your operations.
- Obtain a clear picture of your organisation’s positions versus market as far as salaries and benefits are concerned.