Paydata’s salary benchmarking services can help you compare salaries and benefits with your peer groups, industry sector and the general marketplace. We will provide you with a clear and concise breakdown of the data available, enabling informed decisions on salary and benefits within your organisation.
Difference in salary can be essential for keeping key staff members and successfully hiring new ones. It’s important for companies to stay aware of the patterns in their sector and offer reasonable remuneration packages to effectively capture new employees while solidifying current ones. In addition to this, data on industry payment arrangements provides shareholders with peace of mind by ensuring that successful or influential employees are being paid appropriately.
Regardless of whether your business is just starting up or has thousands of employees, a fair and reasonable salary remains an essential factor for retaining staff. Similarly, salary benchmarking is the most effective method of ensuring that your payment systems are competitive.
Why is salary benchmarking important?
Salary is often the difference between retaining employees and losing talent to your competitors. Benchmarking salary offers employers invaluable insight into how other companies within the same sector are structuring their own pay and benefits packages. Particularly in the case of executives and directors, it can be difficult to quantify the true value of an employee’s pay package due to the variety of benefits included in their contract and the small sample size, making simple salary searches inaccurate.
Salary benchmarking considers and separates the different elements of these benefits packages, giving organisations a much clearer understanding of what other executives are being offered in addition to their standard pay. This information can often be key for increasing employee engagement, reducing staff turnover and attracting high-quality talent.
How do you start salary benchmarking?
When covering lower level or more common positions, a salary benchmarking survey can help to highlight the difference between employee pay grades. These surveys vary in approach, usually drawing data from a specific industry or role.
When dealing with more senior positions, the additional benefits offered make simple salary surveys less accurate, so it’s best to opt for a specialised executive salary benchmarking service instead, as this will break down every aspect of an individual’s pay and benefits package.
How do you acquire salary benchmarking information in the UK?
Basic salary information can be drawn from job search websites. However, to garner more detailed information such as company names, industries and benefit bundles, most companies go to third-party organisations like Paydata.
We offer surveys that companies can subscribe to by supplying their own pay and benefits data. Often, these surveys are continually updated, with the salary information shared only between the participating businesses, creating an easily accessible benchmarking database that the subscribed companies can access at any time. This approach ensures that all salary information is obtained legally and with consent.
How does our salary tool work?
Our salary benchmarking tool uses a tried and tested process we have perfected over the last 20 years. After deciding on the information that needs to be collected and writing a bespoke questionnaire, we pass this data collection form to all of the businesses participating in the survey. In return for their salary information, all of the participants receive access to the salary data collected, ensuring value for everyone taking part. This approach is both legal and ethical, allowing us to obtain the relevant salary data without divulging anyone's personal information.
How does salary benchmarking result in lower staff turnover?
Employee satisfaction is a complicated topic with many facets. There is no formula to ensure your employees are happy, but it can be universally agreed upon that salary plays an important role. On top of a healthy workplace environment and tangible personal goals, all employees want to feel valued within your organisation and the easiest way to quantify that value is through pay. If an employee believes they are underpaid for their position, they are more likely to become dissatisfied and look for a role elsewhere. Salary benchmarking gives employers the ability to analyse the pay structure of industry competitors, updating their own approach to ensure employees are being paid fairly and are more satisfied in their positions, therefore reducing staff turnover.
Why use Paydata salary benchmarking?
At Paydata, we specialise in offering a bespoke and reliable service to each and every one of our clients. We are an award-winning company because we care about your success and will use our years of expertise to ensure that we reach your goals. We have a real passion for helping employers understand the needs of their employees and create a positive working environment in the process.
We also offer some of the broadest salary benchmarking consultation options available, meaning that we can easily adapt our service to obtain whatever information your business desires, as and when you need it.
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