Salary benchmarking – an essential tool in today’s candidate driven marketplace?

Salary benchmarking allows you to determine where you stand within your sector on pay and is a key component in the struggle to attract and retain the very best talent for your business. Here, most definitely, knowledge is power. Finding yourself even slightly out of kilter with others can leave you vulnerable to losing key people and fighting a losing battle to attract top flight new hires.

Having a handle on pay differentials across geographical regions is essential when your business is looking at potential new locations and salary comparisons with others within your sector are also an invaluable tool when you’re facing pay disputes.

Salary surveys are widely available online and it’s a safe bet that even if you haven’t got an eye on what your competitors are paying, your staff most certainly will have. Information in the public domain, however, is often unreliable and the lack of specificity means it can be difficult to achieve a meaningful like for like comparison.

threesixty selection – Management & Executive Recruitment Practice. Specialist Search & Selection in Finance, Purchasing, Supply Chain, Manufacturing & Sales.