HR planning

Compensation and Benefits Benchmarking: Your Tool for Best Practices

August 16, 2021

In today’s tough labour market, offering the right mix of compensation, benefits, and perquisites can help land and keep great talent in your organization. Understanding how your current offerings measure up to the industry standards can help identify vital HR aspects that help in key decision-making, budgeting, reducing turnover, and setting a total rewards philosophy for the workforce. Let’s look at how you can use market-benchmarking to meet and understand your organization’s needs.

Attracting the right talent for your organization

You have found the perfect candidate for your open position and have made an offer, but the candidate declines—they accepted an offer elsewhere. Is your organization offering a competitive package to new hires? You can assess the market’s average going rate for your organization’s roles using reports from credible benchmarking sources. You can also refer to the best practices for benefits, perquisites, and time-off entitlements in these reports. Understanding the total rewards package your organization is offering against market practices can make the difference in attracting new talent.

Identify and deploy the best practices for retaining talent

Is your organization experiencing high turnover rates? Losing key talent can result in additional costs and time for hiring, training, and onboarding a replacement. High turnover can be caused by uncompetitive total rewards packages. Market benchmarking can help identify discrepancies your organization might have against competitive practices on base pay, incentives, benefit offerings, and time-off entitlements.

Plan for employee growth and development

Creating growth, development, and promotional opportunities in your organization can help build a culture of engaged employees who see clear career options with you. Using benchmarking data for different position levels in a given field can help create a succession plan and career path for key roles. Having growth and development options available can help retain employees by building skills, knowledge, and experience.

Enhance your decision-making

Understanding market best practices helps in many key decision-making scenarios. It helps determine the appropriate package to offer to new hires, develop salary ranges, analyse internal pay equity, determine salary increases for current employees, and prepare suitable offers for promotions.

Don't Miss Your Chance to Participate!

HRdownloads recently launched a compensation and benefits survey for your benchmarking needs!

There is no cost to participate in the survey, and every survey participant receives the following:

  • A complimentary copy of the survey’s executive summary;
  • A 50% discount towards the purchase of the full survey report; and
  • A 15% discount towards a compensation project with HRdownloads Consulting Services. The project must be scheduled by March 31, 2022, to qualify.

Find the links to complete each section of the survey below.

Position Details: https://www.research.net/r/HRd-Compensation-Benefit-Survey-Position 
Please enter information for each employee in your organization.

Demographics: https://www.research.net/r/HRd-Compensation-Benefit-Survey-Dem 

Note: The two survey hyperlinks below can each only be opened once.

Ensure you have 10 to 15 minutes to complete each survey before clicking on the links. 

Benefits and Perquisites: https://www.research.net/r/Benefits-Perquisites 

Time Off and Entitlements: https://www.research.net/r/Compensation-Benefit-Survey-Time 

If you have any questions about this survey or your participation, please reach out to our consulting department directly at ConsultingDept@hrdownloads.com

Please note, participation in this survey closes on August 27, 2021. All collected information is confidential and stored on a secure server. The information we collect will only be used to develop aggregated reports.

We look forward to your participation!

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