Salary Benchmarking process enables a complete and detailed breakdown of compensation packages within industries or a group of companies that allows the organisation to evaluate and place themselves competitively ahead in retaining and hiring of top talents for the organisation.

One of CnetG Asia’s core consulting services is salary benchmarking. Salary Benchmarking is a process that gathers data on employees pay and benefits of various organisations across a host or single industry. This process, however, is unlike conventional salary surveys, as it involves executives with varied performance and employment packages. The process enables a complete and detailed breakdown of compensation packages within industries or a group of companies that allows the organisation to evaluate and place themselves competitively ahead in retaining and hiring of top talents for the organisation. We will customize the benchmarking based on a specific job, industry and geographical factor on a domestic or global scale.
Benefits of Salary Benchmarking

There are numerous benefits in general and for executive searches that allows organisations to make informed choices by providing actionable insights. The planning and exercise of salary benchmarking will help to guide organisations and justify the money and time invested in top talents towards assurance of success.

Pay and Benefits

The salary of executives can vary vastly depending on the industry and sector. This exercise enables organisations to gauge these differences and to have knowledge of the current industry average.

Remuneration Packages

Typically, it is common for multiple components ina remuneration package to differ in value depending on the employer. Salary Benchmarking will take into account the value of all components of the package to get an accurate take on the total take-home package.

Talent Retention

By reviewing and acting on data gathered from the Salary Benchmarking process, organisations can offer a competitive tangible package be it short term or long-term employment goals.

Employee Career Confidence

Talents are always seeking for the best and suitable employment package to further their careers and upgrade their monetary rewards. Organisations that periodically conducts Salary Benchmarking often tends to update salaries competitively inevitably acting as a Unique Selling Point for current and prospect talents. Talents are attracted to this USP as it indicates that the organisation is willing to adapt base on market demands and current trends.

Competitive Edge

The results from this process will give organisations of the average mean, lowest and highest quartiles, and values of components in packages researched. It provides for an impartial and perspective view for business to make informed decisions while considering relevant variables.

 
Its importance to the Business

Organisations would never want to lose their top talents to competitors. Although an organisation’s salary offer could be generous, it may not be enough to retain or secure your desired talents. Therefore, thorough planning and design of a remuneration package are vital. Components of the package entail basic salary plus the addition of cash bonus, share bonus, long-term incentive plan (LTIPs) and pensions.

Salary Benchmarking helps the organisation to justify its hiring and retaining decision of executives to stakeholders and shareholders if you are a public listed company. In turn, the practice of Salary Benchmarking enhances the reputation of your organisation all-round.

 

How?

Kindly contact us to explore Salary Benchmarking. We will help create a salary benchmarking plan that suits your organizational objective and goals.

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