KEEPING UP TO DATE
The importance of salary benchmarking
21 March 2023
Salary benchmarking is a useful tool to add to your salary review process to ensure your business remains competitive in the market. The data from salary benchmarking will help to retain your team members by ensuring salary is paid at a competitive market rate and helps to ensure the team is paid equitably.
The salary benchmarking exercise reviews salary survey data and current recruitment trends to guarantee you have important lead indicators when making decisions on the remuneration increases for your team. By matching internal job descriptions with external jobs with similar responsibilities the data takes into consideration the location, size, and industry to ensure the market assessment is tailored to your business.
This market salary data will ensure you are paying your people fairly within the business and the pay measures up in comparison to other businesses in the same industry and location.
We are here to help and support you put a salary benchmark process in place to ensure you are paying your team fairly. Call us on 1300 474 672, or send us an email if you need help.
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