The question that all People teams dread. Integrating benchmarking into your organization will result in valuable data that encourages discussion and sparks new ideas and practices. <> At The People Collective we’ve built a handy spreadsheet that allows us to benchmark employees at scale against different percentiles for each team and then understand where adjustments need to be made and what that will cost the business. Fill out the appropriate information for your business and your competitors in order to compare and analyze differences in the various categories. Specifically, it plays a vital role in areas such as: – Determining the proper salary and compensation packaging for to-be-filled roles; – Assessing the structure of current job classifications or levels; – Identifying and addressing internal salary equity issues; – Competing for top talent in tight labo… But it is a very different exercise to benchmarking sickness absence, like we showed you last week . Simply select a job function and industry to get a breakdown of the average salary for each level. 10 0 obj I have Attached Salary Survey Benchmarking Company Name Salary Analysis Template This form will assist you with analyzing salary information you have obtained through salary surveys or other methods. Salary benchmarking allows companies to offer salaries and compensation structures that are attractive to employees while still promoting organisational profitability. The tl;dr, it's neither an art or science, but a bit of both. 9 0 obj Human resources and hiring managers may consider several factors when trying to obtain accurate market salary data. Many organisations already have an annual or semiannual benchmarking process built into their hiring efforts. Whether you’re a seasoned VP of People/Talent or People Ops coordinator fresh into the world of startups, a company wide salary benchmarking is not something anyone looks forward to, however it doesn’t have to be this way. 1 0 obj x��U]k�H}�?�G����{���u�6](dCBTWq��VW�b���^IMd�DmK�;g�s���}�l�ugg���)��w��VՏ�l���̮��v_4�j����������^��������8�>p��� Yes, base salary is a large part of this, but it shouldn’t form all of it. #salarysurvey #salarybenchmarking. At the end of painstaking exercise I was left with a spreadsheet with more holes in than a swiss cheese. <> <> What should I do? You’ll want to pull this for the country or city where the majority of you employees are based — ‘base market rate’ — for most of our clients this is usually data for the whole of the UK (we can adjust for different locations, both cities and countries in a bit). There are plenty of reasons for undertaking pay benchmarking. Here are some questions you need to think about: I’m not going to tackle all of these questions now but have picked a few that come up every time we carry these projects out. Glint Benchmarking … the average in the market. A Salary Benchmarking exercise would be wise as it compares your organisation’s salaries against the market, with a view to see how competitive you are within the marketplace. If not then you may want to look at using, You can create a cost of living multipliers for cities and countries using. The average Exercise Specialist salary in Delaware is $50,155 as of December 28, 2020, but the range typically falls between $45,214 and $55,908. Where the first generation of these tools was web-based, now they are mobile and often embedded in different applications like Slack and Microsoft Office for example. 8 0 obj That does not mean that you then have to pay in the 50th percentile! A third party will inspire confidence in data gathering and undertaking comparisons as well as helping t… Glint 63 . At its best, it can be used <>/F 4/A<>>> To quote Radford: As an organisation, your job is to design a rewards package that resonates with your employees and is competitive in attracting and retaining the type of talent your team requires. ,%�EdH�k�����/�? What percentile should we pay in? Exhibit 8 describes these different types of benchmarking studies in detail. Changing Course is Spinnaker’s blog, covering recruitment, our salary benchmarking findings, maritime HR updates, and news within the shipping industry we think you’ll find interesting. At The People Collective we’ve carried out 25+ salary benchmarking projects in the last 2 years and want to share some of our learnings and answer the question: I’ll get the bad news out the way first. May 15, 2009 The Importance of Creating a Salary Benchmarking Plan. I had a blank spreadsheet open and was painstakingly trying to find the junior, mid, senior and exec salaries for all the roles we had at the time from the various sources. endobj Salary benchmarking can help companies to overcome these issues. endobj Benchmarking is usually a process to see how the competitors are working or how they are able to gain success. ǴyI�;�����ln�ZOf��fR��+��� �_u;(ǤI���潦F�iWlJ.ࢂ��9��!�ǫ�?+�T�`��״n �5����O���D���V�s'z� ��3���R�Z�N�6ٛ�n��.^m9p1 ��x�G��Qz��})0Z"n�wU����r�6ٶ�OAԞ�N��Y�{��mw����!5��x٫��Q-Ҝ:j-sv�>q���=�Ƞ�3W�B́�a�G�3s@\�{33� So what is the key takeaway from this? … 7 0 obj Benchmarking: Compensation and Benefits. Here are 4 benefits benchmarking can with employee retention. Any salary benchmarking process should engage with the business from the very start. Perhaps you've never run one before or know deep down your current process isn't particularly robust. Carried out effectively, a benchmarking exercise can lead to increased levels of performance and reduced fees for a customer's outsourcing arrangement. The information can be used to calculate realistic pay rises. In previous posts, we have covered different aspects of salary benchmarking at an organization. drilling down to look at data for companies that have only raised Series A or just looking at London level data. How to turn all those £0 into something that is equitable, sustainable for your business and something that people believe in. Getting set up and onboarded with them can be quite a time consuming process compared to Option Impact so bear that in mind. Again, we recommend pulling data for the different cities you operate in and then taking a deep look at this. How should you remunerate employees based on their location? Get in touch with the People Collective if you’d like help with your next salary benchmarking exercise and learn about how we’ve helped companies like TrueLayer, Bud, Seedrs, Lingokids, CharlieHR, Second Nature and many more solve this gnarly topic. Salary benchmarking is comparing your company’s salaries against the compensation of other companies in your industry and geographical region. Independence:Benchmarking should be carried out by an independent third party. How do personal life choices fit into this? Salary Benchmarking Tool Use the tool on the left hand side of this page to benchmark salaries for hundreds of roles. 5 0 obj Here is another blog post from our series on compensation and reward, talking about How To Motivate Your Employees Beyond Pay. The data I’ve pulled looks wonky or doesn’t even exist for some roles. Finding the best match for your job is critical to an effective salary benchmarking exercise. In terms of HR, salary benchmarking is essential for comparing the pay and benefits on offer against those offered by competitors. <>/F 4/A<>>> You may want to pay in lower/higher percentiles for different roles depending on how strategic you want to be in competing with other companies on talent. stream From our experience, there isn’t much difference between them. endstream Are there enough data points? Samwu expects City of Tshwane to set terms of salary benchmarking exercise . How do we handle different geographical locations? Compensation is one of the most important components of attracting and retaining top talent. In our experience, successful benchmarking exercises focus on the following elements: 1. �?�����x�w�{ێm�-��ŶXio���>��M�"ǧ�q�̻�2m��6���6n:�h>��o���l9�;�����ok��4|��3�t�}�u�f``����V�r�f(%q����x�������͖����z�y���a��0���uv��u�t���ˑ�ߵ�>Nxa���x�K���'�=�������8�i"=&�U�=���坛-9��q��d��q|P�vq�紐?�~�����W��w�U�$�:�g��gf���5-�+?X\~:�z_���{����#�MCvN���V4m�aon�i/Q8���Ä�\zw�c�^z��[Mm�Ƹ&��6ֆ(�������w�4k#o�K�b������ܓ�������~Х� ���)����Sc�6��J���t��6;k�o}�f����gs��f������[U*{)q���f�����t~���h�o7�D�8����-��;w���[�:t������t|eQ�R���L��/�u~�x���I�@���U42���Uϕ�ޓ�/�ݭͽ�8�������‹�;v\�xQ�ә3g683�W^y9�Q=����V�����DX?P���IJ#]�.�\�[������r��^u�ͮ0Y�0R Role I ’ ve pulled looks wonky or doesn ’ t much difference between them n't particularly.. Your job is critical to an effective salary benchmarking exercise was back in 2014 at Qubit and I it! The average salary for each level = the less data becomes available i.e drilling down to at... 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