Pay Benchmarking Studies

An employee's financial reward is one of the primary motivations for them to come to work, it is also one of the organisation's highest costs. Achieving the balance that suits both the staff member and benefits the business' development goals is one of the most difficult skills facing the HR professional.

Even if a company does not have an existing pay structure, the benefits of regular 'health checks' are significant. Ensuring your pay is in line with the external market can mean the difference between exceeding or failing to achieve your revenue and development targets. Imagine the problems of setting your payroll just 5% out of line with the market rate. Even 5% below means your ability to attract and retain the best staff is seriously compromised and could lead to the experience being drained from your organisation. Alternatively, setting your salary levels 5% too high can have a significant impact on your bottom line and the organisation's ability to remain competitive.

Croner Reward uses pay benchmarking to produce total reward structures or as a stand alone service for individual positions that are either new to the business or simply need updating, giving you the opportunity to undertake either regular small scale activity or larger departmental or company-wide exercises.

Our experienced Consultants work with clients to establish the position of jobs within the Croner Reward ranking structure. This enables simple and direct comparison of roles within your organization against similar jobs in the external market place. With direct access to Croner Reward's remuneration tools, containing one of the largest independent pay and benefits databases in the country, they can provide fast and accurate salary benchmarking on which management can base sound and independent remuneration strategy decisions. Pay benchmarking studies are important processes in organisations of any size recruiting staff at any level. Carrying out regular health checks of the salary structure can help an organisation to stay on track with its business and staff development goals.

To find out more, please phone 01785 813566, e-mail Reward@Croner-Reward.co.uk or simply complete this form.