The Value of Benchmark Data
Benchmark compensation data enables your pay philosophy. If your pay philosophy is to pay “market competitive salaries at the 50th percentile” then having data on market salaries will enable you to check for any significant gap and address it. If your philosophy is to target market total compensation, with strong pay for performance linkage, then you may want to benchmark your total target compensation to market and make any adjustments.
How we can Help
Clients can contact the major market data providers and obtain market data, as a participant or on a non-participant basis, if available and at higher cost, normally. We can guide you in this process, to ensure you get the most relevant data for your organization, and use it correctly, to determine market position, develop salary ranges, market reference points, set salary budgets, or make individual pay decisions.
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