Compensation Benchmarking

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We live in a rapidly changing world which is characterized by a high degree of uncertainty and complexity. We live in a “change of era". A period in which not only society, but also the economy changes radically and irreversibly. Organizations are challenged to keep up with these constantly shifting developments that put even higher and other demands on amongst other compensation and benefits issues, practices, and policies within organizations. Those who are agile, respond and adapt quicker, are typically more likely to advance in the marketplace and book success.

 

Organizations need to look for new and better strategies for compensation and benefits management within their organization. Thus, reinventing their total compensation and benefits infrastructure. To ‘re-engineer’ compensation policies and practices within organizations, it is of vital importance for organizations to conduct a compensation and benefits comparison survey. The results of the compensation and benefits survey will be used as a ‘frame of reference’ for designing a new compensation and benefits policy (total reward management policies and strategies).

 

The compensation and benefits survey are extremely powerful compensation and benefits benchmarking tool. It measures the competitiveness of the participating organizations on the market and provides the benchmark data and information about the compensation and benefits of the respective organizations in a respective market. The compensation and benefits survey helps to set the internal compensation policy and to set the right optimal salary for each job and to maintain the desired position on the market as defined by the compensation policy and strategy.

 

Management Advisors’ approach regarding ‘Compensation Benchmarking’ consists of the following

key steps which are:

 

Step-1: determine the organizational aspects for the survey

Step-2: do project preparation and start-up

Step-3: collect compensation and benefits data and information

Step-4: conduct compensation and benefits analysis

Step-5: draft compensation and benefits analysis report

Step-6: perform project evaluation and closing

 

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