Ensure your pay is competitive to recruit and retain the right people
How it works
Salary benchmarking gives you a detailed picture of where you stand compared to the external market, highlighting areas for improvement. Read more about benchmarking in our salary benchmarking whitepaper.
Here at 3R Strategy, we have a range of benchmarking options to suit your needs. Typically, we recommend one of two routes: taking part in a salary survey or using our third party data based on >1 million employees across 25 functions.
Depending on capacity, you may choose to evaluate and match the roles yourselves or have us carry out the job matching process for you.
Choosing a salary survey
The first step in the process is picking the right data source. Having robust, industry-appropriate pay data is critical. Data from free sources such as recruitment companies and crowdsourcing sites only looks at job titles and advertised salaries, while formal surveys undergo rigorous analysis and review.
At 3R Strategy, we are independent of survey vendors. We consider all the options to recommend a credible data source that will suit your organisation, size, and sector. Find out more about choosing a salary survey.
Your benchmarking strategy
Before you benchmark your organisation’s roles against the external market, you need to have a benchmarking strategy. Do you want to:
Location and industry also play a decisive role in salary benchmarking. While some may benchmark against national data, others might look to regional or even city-specific figures.
An ongoing process
Pay benchmarking should be ongoing, rather than a one-off event. We can help you set up your benchmarking 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.
With a strong benchmarking strategy in place and a clear idea of how to calculate a candidate’s starting salary, you will be ready to move on to job architecture.
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