Companies often come to us and ask: What is the value of carrying out a salary benchmarking project? As well as: How is it different from getting data from a Salary Survey?
The Salary Benchmarking projects that we work on here at Turning Point HR Solutions allows us to get into the detail of the role, rather than just a job title. We contact comparators that are relevant to you, alongside taking into consideration your turnover, FTE, sector, location and much more. In a recent conversation with a client they revealed that they were contributing 80% of the data in a sector survey, so were effectively comparing themselves to their own data!
However, the big thing that stands out is how current the data is. If you take data from a salary survey, yes, you can multiply against the ONS CPI rate, but that will not take into account recent influences in the market.
Recently, there have been huge changes resulting in a marked increase in the need and demand for HGV/LGV drivers, as well as those in the IT sector. As a result, companies are crying out for people to fill these jobs, but you need to be offering a salary and package that is not only enticing for the employee, but sustainable as an employer. Survey data that is simply calculated from the date of the original data to now can be very misleading. Advertising roles at the wrong salary level can have a negative impact on your #employerbranding and will more than likely result in less candidates and a prolonged length of time to #recruit.
Vanessa Moreton, our Head of Analytics, talked about “the importance of having data that is current, reflective of the actual role in your organisation and knowing what is happening in the market”. The data we provide our clients with, allows them to make informed decisions about the salary reward strategy.
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