Today’s job market is an employees’ market, which comes as no surprise to any HR professional. We live in a world where prospective employees are well-equipped to negotiate salary based on their own research of market rates. But, how can you find the most accurate data available so you can create effective compensation benchmarking for your organization?
The following is the second excerpt from our white paper, How to Perform Compensation Benchmarking and Set Salary Ranges. Download the full white paper here.
In order to attract and retain talented workers, especially in competitive markets, is imperative to use a data-driven approach to set the compensation structure for your organization. You must understand what the market currently pays for all positions in your organization in order to set a fair, competitive compensation structure.
Our white paper, How to Perform Compensation Benchmarking and Set Salary Ranges, will help you learn the methodologies, benefits and disadvantages of three common data sources.
PayScale administers the largest real-time salary survey in the world and uses a rigorous data-validation process to ensure accurate, valid data. Learn more about how crowd-sourced data can assist with compensation benchmarking to help you set fair, competitive and accurate salary ranges.
Data Sharing Networks
The data in these networks is typically sourced from participating employees and is shared across PayScale’s compensation platform. With this data source, you can be assured aggregated data is specific to your market (city and industry).
You’ll see familiar names in this category, including Mercer, Radford and more. Larger organizations tend to participate in these surveys by submitting data to the consulting firm, which then verifies that data and provides insights back to participants.
Make the Data Work for Your Compensation Benchmarking
This white paper will also help you apply your compensation strategy to the data and create a salary range for each position, including hybrid jobs and internal jobs.
To learn more, download a copy of How to Perform Compensation Benchmarking and Set Salary Ranges.
TELL US WHAT YOU THINK
How do you approach compensation benchmarking? We want to hear from you. Tell us your story in the comments.