Pay benchmarking plays a key role in ensuring pay consistency and transparency accross your organisation.
Having a clear and consistent process to evaluate your roles, and reliable market data to benchmark your salaries, is vital to create an effective reward strategy. However, salary benchmarking is an art, not a science. The objective is not to pay what your competitors are paying but to enable your managers to make more informed decisions. Your employees are also more likely to be demotivated or feel unfairly treated if they do not know how pay is set.
The first step in the process is picking the right data source. Since we’re independent of the large survey providers, we will consider all the options and pick the data source that is most suited to your business. We’ll then work closely with you to match your roles and provide detailed data analysis and guide you through the process.
Pay benchmarking should be ongoing, rather than a one hit process.
Therefore, when you work with 3R Strategy, we will train your HR team and managers, equipping them with the skills to do salary benchmarking in house, meaning you don’t have to always rely on external consultants for benchmarking requests.