Understanding Salary Benchmarking

January 27, 2020

While more and more organizations are recognizing talent retention as one of the critical business challenges, globalization and access to information through the internet is making it equally difficult for them to keep the employees happy with existing compensation and benefits strategies. The information available on the internet often may mislead employers and employees on the prevalent salaries, whereby creating an environment of mistrust leading to passive disengagement. It is highly unlikely to achieve extraordinary performance from an employee who is in a constant hunt for a job with a better package. Misinformation or irrelevant information may cost both business and employee great by building unjust expectations.

 

Relevant market intelligence and detailed understanding of where an organization stands vis a vis, the industry and peer organizations enabling them in developing an effective reward strategy, it ensures that organizations are able to hire right talent from market and retain existing ones with competitive compensation and reward structures.

 

Customized salary benchmarking provides organizations a sound understanding of the compensation and benefits trends, enabling them to make informed and effective pay decisions including recruitment, promotions, salary restructuring, and HR budgeting. A focused salary benchmarking exercise supports organizations in developing the right compensation and benefits strategy that leads to a work environment that recognizes and rewards employees for performance and establishes a strong culture of employee engagement.

 

Nathan & Nathan specialized in conducting focused salary benchmarking exercises for organizations of all shapes and sizes. We carry extensive experience in conducting salary benchmarking for global MNCs and local SMEs through a team of experts collating market intelligence collected through the primary source.

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