Base salary is the most visible part of someone’s reward package. A lot of the focus in reward management goes into ensuring that salaries are set and kept at the right level to attract, retain and motivate talent.
An important part of salary benchmarking is to have line of sight to market rates for comparable roles in comparable organisations. To do this you need to have access to the right data and the expertise to understand what that data is saying.
We are in an ideal position to support you with understanding how salaries and other cash compensation elements compare to the market – and what to do with this information.
Data points to hand
Many years of combined experience
Our team have worked with and developed salary surveys conducted assessments of pay competitiveness, and advised on the results of these analyses.
We don’t use job titles but go through a job evaluation process to benchmark your jobs with roles that have similar level of skills, knowledge and accountability in the external market.
How it Works
The first step in the process is to understand what questions you wish to answer with market data.
At this point, we will collect the relevant market data and conduct the benchmarking assessments in line with the agreed scope of work. We will use our expert judgement to pick appropriate data points that provide an accurate representation of the market.
We will present our findings in tables and charts that make it easier to understand results. We will also provide insights on the implications of results according to your desired position against the market, relevant sector trends, and business and people priorities.
Salary Benchmarking – An Ongoing Process
This process should be ongoing practice, rather than a one-off event. We can help you set up your process and offer training to manage the process in future. Alternatively, we can continue to support you each year with survey submissions, job matching, and analysis.
This will give you the information you need to have a pay structure that is fit for purpose and make informed decisions that support equity in fairness in pay.
Being clear and open about the purpose and approach to benchmarking goes a long way towards people having a proper understanding of the results and their implications for decisions.
Effective communications will allow you to avoid creating unrealistic expectations and reduce pressure on ad-hoc adjustments to pay driven by market pressures.
We offer different reward communications packages to suit your needs and help communicate your policies and processes clearly and honestly to employees.
Related Services
“3R Strategy has been helpful, diligent and professional. The biggest benefit to working with the team is that we now have one clear reward strategy in place. Having that clarity and visibility throughout the organisation will help us maintain great relationships with our employees.”
“I enjoy working with 3R Strategy as the team has such a breadth of experience across Reward. I think there is real benefit in the fact many of them have gained this experience in-house, in major global reward consultancies and now in a specialist boutique reward and recognition practice.”
“3R provided a clear framework against which trustees and senior management at Local Trust could benchmark their approach to pay and reward, develop clear principles to underpin future plans, and communicate them effectively and transparently to both existing staff and potential new recruits.”
“It was a no brainer that we would work with 3R Strategy to support the roll out of a clear reward strategy. From our initial consultation call it was clear we wouldn’t need to squeeze into a set structure but the complexities of our business would be very much taken into account, to create something bespoke for the IOE&IT.”
“We welcomed the approach articulated of being an extension of our HR & Organisational Development team and this reassured us that they would integrate themselves into the business and deliver recommendations tailored to our organisation.”
“Their team demonstrated exceptional competence, deep industry knowledge, and a genuine commitment to our organisation’s success. They seamlessly integrated their expertise with our existing practices, ensuring the entire project was smooth and efficient. The project has provided our employees with clear pathways for growth and advancement and allowed us to be as transparent as possible.”
“3R Strategy balances a calm, easygoing manner with the deep technical knowledge needed to design and deliver solutions that consistently meet the needs of our business. They have built relationships at all levels within the organisation and have a proven ability to influence others in a quiet but highly effective way.”
“3R Strategy continues to provide technical and pragmatic reward advice to Vitality. They have provided exceptional support in evaluating our business challenges and designing a project plan to meet our evolving needs.”