Salary Benchmarking
Industry Specific, Africa, Global & Emerging MarketsPurpose of Salary Benchmarking
The purpose of Salary Benchmarking, whether local, global, industry specific, within any African/Emerging market), is to compare the pay levels within your organisation against a relevant comparator group, in the market in which you compete for skills. Ultimately, this should help you attract and retain superior talent.
The information obtained is typically used for the following:
- To obtain relevant, accurate, representative data on levels of pay and benefits for specific jobs in the organisation;
- To adjust the pay levels of employees in response to changing market conditions;
- To analyse pay-related problems;
- To set the pay mix (guaranteed vs. variable);
- To offer appropriate starting rates;
- To design and modify salary structures and pay scales;
- To determine acceptable rates of salary progression; and
- To provide guidance on pay review decisions and well as salary levels of individual employees.
Our approach:
The high-level process flow of the process we follow to conduct benchmarking is as follows:
The components of the Total Rewards Model that we are able to provide data on includes:
- Basic salary;
- Benefits;
- Cost to Company / Guaranteed Package &
- Short- & Long-term incentive trends.
Get in touch to make sure you’re competitive & positioned for success at surveys@emergencegrowth.com
Output:
An example of the expected output is as follows:
|
Job Title |
Grade |
MARKET DATA – COST TO COMPANY (CTC) |
||||
|
10th Percentile |
25th Percentile |
50th Percentile |
75th Percentile |
90th Percentile |
||
|
X |
X |
X |
X |
X |
X |
X |
|
X |
X |
X |
X |
X |
X |
X |
|
X |
X |
X |
X |
X |
X |
X |
In addition, we are able to provide the supporting information as follows:
-
Guidelines for setting pay levels;
-
Cost analysis; and
-
Market positioning analysis.