9/23/2023 0 Comments Visier benchmarks![]() This leads to the kind of fine-tuned insight that organizations can use when requisitioning a new role, hiring a replacement, performing annual reviews, offering raises and promotions, and restructuring. Salary benchmarking looks at job description and compensation alongside company size, location, industry, and required education level. Bureau of Labor Statistics and SHRM’s Compensation Data Center to vendor–supplied data and analysis tools.ĭespite the name, salary isn’t the only variable taken into account. These salary benchmarks range from employee-sourced websites like Glassdoor, LinkedIn, and to self-built analysis of data from sources like the U.S. Also known as compensation benchmarking, it allows organizations to identify competitive pay ranges, promote pay equity, and comply with pay transparency laws.Ī recent study by the National Bureau of Economic Research found that salary benchmarks are used by the vast majority-87.6%-of HR professionals who set compensation at medium and large companies. Salary benchmarking is a process of matching internal job descriptions and pay ranges to those from similar jobs in other organizations. What is salary benchmarking, and why do your customers want it? The right salary benchmarks can be transformative, and more and more, they’re looking to their HCM software vendor to provide it. Your customers know that they don’t just need more data they need better data. That’s where salary benchmarking comes in. ![]() ![]() And to make the most of their greatest expense-their people-organizations need to know that they’re paying fairly and competitively. As organizations of all industries and sizes face inflation, economic uncertainty, and a competitive labor market, every dollar counts. ![]()
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