Compensation Benchmarking, popularly known as Salary Benchmarking, has become a very important tool in today’s cut-throat competition of employers to hire and retain the best of the talent. The organisation’s growth depends on having the best talent on board and the best talent can only be retained with the right scale of compensation in place. Not only this, companies might even save unnecessary costs with the help of Salary benchmarking. Since the advantages of the exercise are many, let’s find out the list of advantages that this exercise offers:
A medium scale IT company with it’s headquarter in US was looking for a solution to problem of high employee attrition. Much was debated between the local HR team and the global strategic team about what should be the market standard salaries of various roles present in the organization. However, there was no solid substantiation linking the attrition to the non market standard salaries. Thus after a lot of research the local HR team came found service providers for IT salary benchmarking. Finally the details of all providers were handed over to the strategic team and they decided to pick Eminent Management Consultants as the preferred service provider for their IT compensation benchmarking exercise. Eminent Consultants worked on their requirement, understood the roles, created role matrices, identified target employers, launched the surveys, did the analysis and provided ready results in a detailed report which could be referred for the advisable strategy for market standard compensation.
The strategic team after referring to the content was so impressed, that they even wanted to conduct the survey every year to understand the better ways of marking compensation. The company used the compensation philosophy to find the current gaps in their own compensation structure. The company was even able to save unnecessary costs and was able to increase retention through the exact identification of market standard salaries.
In a nutshell, many of the challenges of the organizations pertaining to hiring best talent, retention of best talent and making themselves great employer brands can be solved with the help of Compensation Benchmarking.
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We strive to create a shopping experience that is convenient, enjoyable, and accessible to everyone.
We strive to create a shopping experience that is convenient, enjoyable, and accessible to everyone.
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