Attract and retain using salary benchmarking to set competitive rates of pay
How executives are rewarded is evolving as the focus on pay practice, corporate governance, pay gaps and gender inequality intensifies.
Salary benchmarking is more accurate than checking a salary guide and involves gathering data on all the constituent parts of a total reward package across comparable roles.
Don’t worry your pay offer is too high or too low, get it just right with salary benchmarking.
- Market Conditions
- Company Culture
- Regulator Frameworks
- Performance Objectives
- Personal Motivators
- Long Term V Short Term
Business Reasons For Reviewing Your Executive Remuneration
- Time poor employers find trying to access relevant confidential remuneration information a really frustrating process!
- Provide an impartial opinion on salary, incentives and benefits against competitor and market rates.
- Evidence to shareholders and stakeholders whether executive remuneration is appropriate.
- Support the work of remuneration committees seeking strategies which link long term sustainable success to executive reward.
- To facilitate succession planning through retention and motivation for future success.
- Harmonisation across function responsibilities, fairly recognising the contribution towards achieving business goals.
Talk with us
Gather information on your organisation, pay structures, future business needs.
Interview employees whose salaries are being reviewed.
Validate job descriptions. Does the salary paid reflect the actual work done?
Collate comparative data from internal and independent sources.
Submit final recommendations.