Ensure your pay is competitive to recruit and retain the right people
Pay benchmarking plays a key role in ensuring pay consistency and transparency across your organisation. In order to make informed pay decisions, you need to have the right data and understand how to apply that to your roles. Salary benchmarking gives you a detailed and accurate picture of where you stand in relation to the external market for your area and industry, highlighting areas for improvement and investigation.
The first step in the process is picking the right data source. Having robust, industry-appropriate pay data is critical. All salary surveys are not born equal: it all depends on your target market, the reputation of the survey provider, and the quality of their data.
At 3R Strategy, we are independent of survey vendors and will consider all the options to recommend a data source that will suit your organisation, size, and sector.
In order to have the best chance of attracting the right talent to your organisation, you need to know what salary you should be offering and how it should progress. Setting the right strategic position against the pay market ensures that your salaries are fair and competitive.
We work closely with you to match your roles, provide detailed data analysis and guide you through the process. Our benchmarking reports will help you understand your market position and give your leaders confidence that their pay decisions are based on market insight.
An ongoing process
Pay benchmarking should be ongoing, rather than a one-off event. We can help you set up your benchmarking process and provide training that will allow your team to manage the process in future. Alternatively, we can continue to support you on an annual basis with survey submissions, job matching and analysis, as required.
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