Salary is a top priority for candidates
Research conducted by TotalJobs shows the primary reason for employee resignations in Q4 2023 as being seeking a higher salary (29%).
Despite rising wages, the cost of living continues to be a concern for candidates and consequently, salary remains a top priority for many when changing jobs.
If you’re hiring now, it’s important to offer fair and competitive pay which aligns to salary benchmarks in your industry. Should your offering fall short, then you could find it difficult to attract and retain talent you need.
What is salary benchmarking?
Salary benchmarking is the process of comparing and analysing the compensation and benefits offered by an organisation for specific roles against those provided by other companies in the same industry or region.
Why is salary benchmarking important?
- Attract and retain talent
- Competitive salaries can help you to attract skilled and qualified professionals to your organisation.
- Offering salaries in line with or above industry standards can enhance employee retention by reducing the likelihood of staff leaving for higher paying opportunities.
- Market competitiveness
- Regularly benchmarking salaries keeps you informed of prevailing market rates and provides an understanding of how to maintain a competitive salary offering.
- Fair compensation
- Benchmarking helps to identify and rectify any disparities or inequities in pay, promoting a sense of fairness and equity among employees.
- Strategic workforce planning
- The information provided by salary benchmarking can be crucial for effective workforce planning. It can help you to make informed decisions about hiring, promoting and retaining employees.
- Financial planning
- Salary benchmarking assists in budgeting by providing insights into labour costs and compensation trends. You will be better placed to allocate resources effectively and plan for future financial commitments related to employee compensation
How can you benchmark salaries?
You’ll find simple tools to collect generic salary data online.
For a more detailed report, consider engaging a recruitment partner who has access to specialist software tools which provide the most up-to-date and comprehensive data available.
Get Your FREE Salary Report
Using best-in-class salary benchmarking tools, our consultants can compare salaries and wages by job across 50,000 job entries and 34 sectors from across the UK.
Your Free Salary Report will include:
- National salary ranges for a chosen job title
- Regional pay data
- Industry specific data
- Analysis of non-cash job benefits and perks
Check that you pay the right salary by getting in touch today.
Call 01977 269069 or email email@example.com.