01/26/2022

Use Salary Benchmarking As a Recruitment Strategy

When done well, it will reap rewards

Question:

Like many companies, we’re struggling with recruiting right now. I’ve been tasked with doing salary benchmarking to see if compensation is part of the problem, but I’m not sure how to go about doing it. Can you advise me on how to tackle the benchmarking process?

HR Answer:

Attracting and hiring talent is one of the most challenging yet critical processes for any organization. Descriptions of a welcoming work environment, rich benefit offerings and career growth are frequently at the top of the most attractive attributes that organizations tout in their job ads, but one feature stands out among the rest – salary.

If you are struggling to hire the talent that you need and your organization has not assessed the market pay rates for your positions, or if it has been a while since you’ve done this analysis, then it will be very beneficial to gather salary benchmarking data to ensure that you’re offering a competitive and attractive salary, particularly in a candidate’s market.

Please select this link to read the complete article from Strategic HR.