It’s the beginning of another year, and that means it’s time for compensation planning. How are you making this year’s decisions for salary increases, promotions, and total rewards offerings? In this blog post, we discuss how to find out how your organization compares against the market to help with your compensation planning.
What compensation are you currently offering?
Attracting new hires requires a look at what you offer to candidates for compensation, benefits, and perquisites. In today’s job-seeker’s market, new applicants and existing employees want a total rewards package that pays competitively, but also takes care of their physical and mental well-being. Offering the right mix of these factors to new candidates, as well as to existing employees, can help attract and keep the best talent.
How do you measure up against the competition?
Understanding your organization’s position in today’s competitive market for talent is a key factor for compensation planning, but how do you find out where you stand against the competition? There are different methods you can use to determine how your organization compares to the marketplace. You can find wage information on government websites; however, the information can be fairly generic and may not match roles in your organization. Hiring a consultant to complete a thorough market analysis study is another approach. Lastly, salary surveys can be purchased from reputable sources with employer-reported data, which can be an effective way to compare against how you are compensating roles in your organization.
Understanding market best practices helps in many key decision-making scenarios. It helps in determining the appropriate package to offer to new hires, developing salary ranges, analysing internal pay equity, determining salary increases for current employees, and in preparing suitable offers for promotions.
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