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Benchmarking

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When designed and used properly, salary surveys can provide useful benchmarking information for comparing salaries and benefits. Simply put, benchmarking is about comparing Employer salary costs and other benefits against data obtained from inside or outside the Organisation, typically through salary surveys.

Organisations are increasingly aware of the need to have an understanding of existing pay and benefit trends so that they can make knowledgeable and informed decisions on maximising their Employee spend. While benchmarking exercises have historically focused on pay only, the ability to benchmark the total reward package, including base salary, bonuses and other benefits in their entirety, rather than in isolation has become critical to many Organisations.

Given the ongoing pressures on cost in most workplaces, it has become increasingly important to understand the competitiveness of the complete reward package, not just base salary. Given this, Organisations are increasingly making concerted efforts to focus on maximising the return on their investment to Employee pay and reward. With Organisations under pressure to utilise their benefits programs in order to maximise meaningful competitive advantage, being able to benchmark organisational levels of pay and benefits against others is crucial.