Following our salary survey, we have noticed trends in the marked related to Job profiling/ Job descriptions, Job Evaluation and Salary benchmarking.
As seen in the survey results, a large percentage of companies have reported that they will be doing formal salary benchmarking informing their salary adjustments. It has never been more important to ensure you are remunerating your employees fairly and according to the market. Companies simply cannot afford to lose key talent because salaries are not market related.
To conduct an accurate salary benchmark process, companies need to go back to the basics. When doing salary benchmarking the inputs will be the company Job titles, content, and grades to match to the same in the salary benchmark data. This is a crucial part of the process as incorrect matches will have a knock-on effect when comparing the salaries. Reviewing and updating company job profiles on an annual basis is best practice, or if more than 20% of the job has changed.