In a tight labour market, against the background of a recession, it is easy to think “Why do we need to benchmark pay? Labour turnover is low, pay settlements are low or non-existent and we are not recruiting.”  However,  there are a number of very good reasons why you should keep up-to-date with what is happening to reward practices in the market, which this Management Briefing covers.

Many businesses use salary surveys to find where their pay sits in the market.  Equally, many do not.  This introductory paper explains:

• The benefits of benchmarking; and
• How it helps you make better decisions about pay and benefits levels.

The whole benchmarking process is time consuming and can be costly.  So why do it?