Salary benchmarking is an important HR process, because it helps ensure that a business can attract good quality candidates, but without having to pay them more than is necessary.
Offer too little, and you won't attract the best candidates for the job. But if you offer too much then you might end up paying people as much as tens of thousands of pounds more than is necessary to have them do that job for you.
In order to benchmark salary, you can find out what competitors are paying for a particular type of job. But other factors may also come into play such as whether the job is equivalent in different companies, the level of seniority, and location around the country.
There are so many unknowns that it is an inexact science, and a complete comparison is not really possible simply because each job is different from company to company, and even how a person interprets and adapts to a role is also different.
We have extensive data on a wide range of jobs, from all areas of the UK, and across thousands of different companies. With over three hundred thousands salary data statistics on file, we can provide you with relevant information for a large range of different job titles to help you work out the appropriate salary level for a given job and help you benchmark effectively against the market.
For more information and to discuss this service in more detail, please Contact Us with details of your requirements and what information you are after.