At this time of year, it is worth starting to think about next year’s salaries
Review Pay Rise
Are you able to increase your employees’ salaries? If you are, how much should you increase them by? You don’t want to lose good staff to your competitors, but also you don’t want to pay too much and become unsustainable. A Salary Benchmarking exercise would be wise as it compares your organisation’s salaries against the market, with a view to see how competitive you are within the marketplace.
Here at Ashworth Black, we compare the salaries and benefits of an organisation against similar types of job in other organisations, ensuring we compare like with like by using factors such as geographic location, market sector, job responsibilities and organisation size.
The most accurate and therefore effective salary benchmarking exercises analyse each role and compares it against the most closely matched job profile rather than job title. This is because the same titles can be used for widely differing duties and responsibilities.
Benefits, terms and conditions and any other part of the total reward package can also be benchmarked against the market, competitors or specific organisations.
A salary benchmarking report shows where your organisation sits in the market and therefore how competitive it is. It can be used to calculate realistic pay rises or justify any changes the market dictates.
Ashworth Black are very experienced in carrying out effective benchmarking exercises, so to discuss how we can support your organisation contact us today.