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Don’t worry about perfect job descriptions – the job descriptions in compensation surveys are not intended to be all-inclusive.If you’re purchasing traditional, participant-driven compensation surveys like 's Compdata surveys, make sure that your direct competitors for talent are among the participants. Use data sources that cover your jobs, industry, and specific competitors for talent – data sources that cover the jobs, industries, geographic areas, and company sizes important to your organization are critical to the success of your compensation benchmarking process.Where are the similarities? Which benchmark jobs are a close match? Finding the best match for your job is critical to an effective salary benchmarking exercise.Īs you look to begin a salary benchmarking process, here are six salary benchmarking tips to consider: Additionally, if you're pricing a highly specialized position or a hot job in your local market, you may want to look at supplemental data sources to more accurately assess the true price of the job.įinally, you'll want to compare the jobs and job descriptions in your market data to your internal job description. Compensation data comes in a variety of flavors, including survey data, HR-reported aggregate market data, and even employee-reported data, and you'll want to assess which type of data is a best fit for your business - and for this position. Once you've finalized your internal requirements, you'll want to look out to market to select a relevant data source for your business. The first step in this process is to define your internal position, documenting the key job requirements and attributes in a job description.
When pricing a new position, it's critical to understand not only the key attributes of the positions you're trying to price, but also how you'll be sourcing the data necessary to conduct an accurate market assessment and salary comparison. While salary benchmarking is a critical part of the annual compensation cycle, it is ultimately only as good as the data - and the process - through which you benchmark. In today's competitive talent landscape, benchmarking allows you to assess how you're positioned relative to market, enabling you to make smart pricing decisions that enable you to attract and retain top talent.
Salary benchmarking helps your organization to ensure that your internal pay rates remain competitive within your local pay markets. Salary benchmarking, also called compensation benchmarking, is a process by which compensation professionals match internal jobs and their descriptions to similar jobs and descriptions in a salary survey or other source of market pay data, in order to identify the market pay rate for each position.