How do you pay your employees compared to market? Above, below or in line with market median? A key aspect of the work of the Human Resources department is to keep track of market levels of pay for various roles within the organization.
Salary review data
Salary benchmarking is regularly carried out by the HR department to produce the data required for salary reviews. RewardSmarter’s Compensation Benchmarking tool brings greater efficiency to the process and gives you a complete analysis of every employee’s position in comparison with relevant market data. Market data is compiled annually by consulting firms such as Mercer and Aon and by more industry-specific small players. Data from any provider can be imported and used in the tool. You select the data you want to use and which compensation components you want to compare.
Evaluating your pay policy
A company’s pay policy states how it wants its pay levels to relate to market levels. Some companies want to be at the top of the pay range, while others choose to be level with or just below the average market rate. The Compensation Benchmarking tool can be used to examine the internal pay structure and determine how well the company is following its pay policy. It enables identification of misalignments in groups, job categories or individuals and where adjustments may need to be made.
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