One of the key value added services we offer at King Recruit is salary benchmarking. We’re at the very centre of the Southwest business world and for that reason, companies often come to us wondering whether their salary packages for both their existing and prospective managers and executives are in line with other organisations of a similar size. Few employers routinely have access to such information and gaining it can be challenging. We offer a salary benchmarking service that will not only give you the details that you need, but also the insight as to what to do with it to help your company recruit and retain the top talent it needs to grow.
What is salary benchmarking?
Salary benchmarking is similar to a salary survey in that it gives a snapshot of salaries in your particular industry or sector for a particular role or group of roles. Where salary benchmarking is different though is the level of detail it goes into. Benchmarking gives a complete breakdown of the compensation package allowing companies to compare salary and benefits available within specific sectors and named companies.
Why is salary benchmarking important?
Salary benchmarking is important in a number of respects:
- Recruitment: If you are looking to attract the top talent in your industry, then setting the right salary level is one of the crucial factors that will help to differentiate your offering to those of your competitors. Talent is like any resource, and is subject to the laws of supply and demand. If talent is scarce in a particular industry or area, then expected salary levels will be higher than where there is an excess of experienced and well qualified individuals.
- Retainment: Just as important as recruitment is retainment. Keeping those talented individuals in your organisation is crucial to keeping your business operating effectively and efficiently. Salary benchmarking to ensure that your important members of staff are on attractive salary levels can be an effective, defensive measure to ensure that they are not tempted to move to one of your competitors.
- Shareholders: Salary benchmarking can be an important tool to prove to shareholders that senior staff in the organisation are providing value for money. With variations in pay potentially being the difference between retaining or losing highly valued directors and keeping shareholders happy, salary benchmarking can be vitally important to the success of an organisation.
Our salary benchmarking service
Whilst it is quite possible for organisations to perform salary benchmarking themselves, for most it is usually much more cost-effective to use a third-party such as ourselves to do it. Trawling through large volumes of listed business information is time-consuming, but what sets our service apart is one important thing… insight.
The information that salary benchmarking can provide can include:
- Company size
- Package details (value of the basic salary, cash bonus, share bonus, long term incentive plan (LTIPs) and pension of the position in question (be it CEO, COO, CFO or FD for example).
This information is invaluable in itself but what we can do with this is put it into context and provide our valuable insight into what these statistics mean for you and your business. We specialise in management and executive recruitment in the Southwest and with over 25 years of experience, our proven expertise will help you use salary benchmarking to make those vital business decisions to help your business grow and thrive.
King Recruit is a Management & Executive Recruitment proposition based in the Southwest. We pride ourselves on a 98% fill rate on exclusive assignments.
Our Vision: “To enhance the growth of careers and business with strategic recruitment excellence” With proven expertise in Management & Executive Recruitment, Talent Acquisition and Southwest business, our passion is working with strategic, career minded professionals and dynamic businesses.
For confidential enquiries:
T: 01392 790725
Managing Director: Helen on 07808 537696