The Importance of Salary Benchmarking

Knowing the importance of Salary Benchmarking as a useful tool to add to your salary review process is important. It ensures your business remains competitive in the market and you are able to attract and retain the best people in your team.

Salary benchmarking reviews salary survey data and current recruitment trends to ensure you have both lead and lag indicators when making decisions on the salaries offered to new starters and also remuneration increases for your existing team.  

As a small or medium sized business, you don’t have to compare yourself to global companies like Microsoft or BHP. We are able to look at companies of the same location, size, and industry to ensure the data is tailored to your business and the employee value proposition we put forward is just right for you, your team and the candidates you want to attract.  

To use salary surveys correctly, we need to carefully match the roles in your organisation to those identified in the salary survey and compare your business to others who have contributed data. We will ask your permission to also share relevant data so that the next year’s comparison is even more accurate.  

Impact HR uses a number of Salary Surveys to ensure that our clients are paying their team fairly. Call us on +1 300 474 672 or send us an email if you need help.