Unlocking the power of salary benchmarking
Salary benchmarking is a process integral to any organisation's strategy, as it allows for the comparison of its remuneration and benefits against those offered by similar firms. This comparative method ensures competitiveness and helps shape decisions related to salary structures and policies.
As a reputed firm with a wealth of experience in executing intricate salary benchmarking endeavours across diverse sectors, Adderleys is equipped to assist your organisation in benchmarking executive remuneration effectively.
The Adderleys Approach to Salary Benchmarking
Our process is composed of five key steps:
1. Pinpointing key variables
The first step involves working closely with your team to identify crucial elements influencing executive remuneration. These elements can range from job responsibilities, years of experience, professional qualifications, to the geographical location of your organisation. External factors such as company size, current market trends, industry-specific benchmarks, and the overall economic scenario also play a significant role.
2. Undertaking comprehensive market research
Once the key factors are identified, we delve into an extensive market research phase. This phase involves gathering salary data and discerning insights into prevailing market trends and industry benchmarks. Our approach utilises a mix of both quantitative and qualitative data sources, including proprietary surveys, job boards, and industry reports.
3. Collecting and analysing data
Following the research phase, we evaluate public domain data from the previous 12-18 months, using statistical methods to distinguish salary ranges for executive roles. This data is then cross-referenced with our internal research results, which are sourced from various channels, such as Self-Awareness Questionnaires from our executive search process and confidential discussions with trusted industry sources.
4. Compiling detailed salary reports
The subsequent step involves creating comprehensive salary reports for each of the executive roles. These reports not only detail salary ranges but also provide a closer look at industry benchmarks and market trends, offering a holistic view of the compensation landscape.
5. Formulating tailored recommendations
Lastly, we use our analysis to offer recommendations on competitively positioning your executive salaries. While these recommendations are designed to enhance your company's ability to attract and retain top talent, they are not obligatory and may vary based on specific circumstances or the company's strategic direction.
Why Adderleys?
Salary benchmarking is an invaluable tool for organisations striving to remain competitive and attract and retain the best talent. At Adderleys, our expertise and experience position us to be your trusted partner in navigating this process.
Ready to boost your organisation's competitiveness with a tailored salary benchmarking strategy? Contact us at Adderleys today, and let's discuss how we can bolster your compensation strategy together.