Are your employees satisfied with their pay and their jobs? Do you have confidence in your current process for determining a compensation benchmark? If you cannot answer yes to these questions then read on.
The following is the third excerpt from our white paper, How to Perform Compensation Benchmarking and Set Salary Ranges. Download the full white paper here.
When your compensation benchmarks are weak, you may have set incorrect salary ranges, which can lead to staffing headaches, product delays, missed quotas and customer issues. To have full confidence that your compensation strategy is lock-step with your business goals, you must have accurate compensation data that is reflective of the current market as well as your organizational context. Creating pay ranges that are informed by data and aligned to your talent strategy will help you bring the right people into your organization, make offers with confidence, mitigate risks of turnover caused by inequitable pay practices and manage pay with confidence.
A Data-Driven Approach To Compensation Benchmarking
In How to Perform Compensation Benchmarking and Set Salary Ranges, you will learn:
- How to choose market data to create an accurate compensation benchmark: What data source options are available? What are the benefits and disadvantages of each data source?
- How to apply your compensation strategy to the data: Your compensation strategy will answer important questions for your salary benchmarking projects, such as: How do we define our competitive set? Where do we want to be relative to the competition, namely lead, meet or lag? What are the goals of our compensation program, such as drive performance or reward longevity? It’s not enough to just define the strategy, but to earn employees’ trust, you must be transparent about it.
- How to create a salary range for each position: This white paper will help you determine the range midpoint and the width of a salary range, and will assist you as you work to create guidelines for each compensation scenario.
And much more.
As an HR professional, it’s your job to ensure that compensation benchmark you create for each job solid. This white paper can help you take a data-driven approach to compensation benchmarking and leave the guesswork behind. Download your copy today.
TELL US WHAT YOU THINK
How have you approached compensation benchmarking in the past? What lessons have you learned? We want to hear from you. Share your story in the comments.