Compensation Benchmarking & Analysis Services
Are you struggling to recruit top talent? Un-competitive compensation packages may be the issue. Our compensation benchmarking process can help. Benchmarking and analysis equip you with a data-driven response based on facts using the actual market rates of specific positions. This data helps you make better-informed and more effective remuneration decisions.
Total compensation is a significant factor for retaining high quality talent, sustaining employee engagement, and building a healthy workplace culture. People are your greatest asset. With that in mind, it can be beneficial to view compensation as a business investment rather than a company expense.
Our Compensation Benchmarking & Analysis Process
We equip you with accurate information to create a compensation strategy to ensure you use compensation dollars wisely.
We then collaborate with you to understand the data and determine how to react to it within your organization.
Having a sound compensation plan, structure, and strategy will pay off significantly for your organization, both in the short and long term.
Importance of Compensation Benchmarking & Analysis
Turnover and hiring new staff are time-consuming and costly compared to retaining existing talent. Often companies underpay employees because they lack an external benchmark for competitive compensation. Your company saves money in the long term when you have a compensation structure based on current industry data.
HR Catalyst has been great to work with! We needed a full breakdown of compensation reports for our employees to make sure we offered competitive compensation for our employees. This helped us tremendously to make the needed adjustments currently and moving forward. They were friendly, efficient and thorough to work with & we continue to reach out to them with new compensation reports needed.
The Benefits of Compensation Benchmarking & Analysis
- Conduct job analyses to create detailed job descriptions for each position
- Review the competitiveness of your current employee salary and benefits programs
- Create performance-based compensation programs to retain your top talent
- Develop incentive and bonus plans that align with your business and its culture
- Differentiate pay for lower, middle, and top-performing employees
- Provide a total compensation statement for your employees
Industry Leading Salary Data Software
It is crucial to have accurate job descriptions and know the average market pay in your geographical area for each position within your company. Our compensation database insight tool is an industry leader in salary data. We utilize extensive analytics to produce highly accurate information for all 50 US states and ten other countries.
Why Salary Benchmarking Matters
An employee’s total compensation package includes base pay, potential bonus pay, PTO, and healthcare benefits. The key components of overall compensation impacts an employee’s morale, which in turn affects their performance and company profits.
Our Approach to Compensation Benchmarking & Analysis
HR Catalyst builds detailed pay analysis studies specific to your industry, geography, and company size. We then collaborate to ensure you comprehend the data. As a boutique human resources firm, we offer personalized service.
You will be working with a seasoned HR executive with 25+ years experience – not a junior level HR person who has not been an HR Executive, or in many cases has never worked outside a consulting type environment.
We also create and implement pay grades and structures based on benchmarking data. Having pay grades within your company allows you to do salary increases or promotions consistently based on sound methodology. This detail is a great help to your budgeting and growth plans when looking to hire new employees to scale your company.
Ready to get the data needed to start paying your people competitively?
We Help Companies Like Yours Move to the Next Level
You don't need to feel constantly frustrated with your HR issues or waste time, money, and energy trying to do it all yourself. Work with us instead to get past those hurdles and move forward growing your business.