Today, it’s more important than ever to get your employees’ salaries right. Rapid technology advancements are transforming the jobs landscape, and when it comes to finding top talent, the competition is tough.
But, finding and hiring the right talent is onl y half the battle. Retaining the employees you need for in-demand niche roles is a whole different ball game that is increasing in difficulty each day. Studies have shown a mere 5% underpayment is sufficient to push your high performers to consider moving to a competitor company.
Salary benchmarking is a critical tool that can make or break your talent strategy. With this, you can make informed, justified, and fair salary decisions.
In this workshop the faculty will discuss, analyze, and advise participants on all aspects of monetary compensation and benefits planning to help you shape a holistic hiring and retention strategy.
- Salary benchmarking
- Overview of the concept
- Its importance in the context of organizational decision-making
- Identifying Benchmarking Data Sources
- Various sources of salary data that can be used for benchmarking
- Industry surveys, Government statistics, and Online resources
- Analyzing and comparing Salary Data
- Techniques for analyzing and comparing salary data
- Use of Statistical tools and methods for adjusting data for factors such as location and experience
- Setting Salary Ranges
- Use of benchmarking data to set salary ranges for different job positions
- Considerations for setting salaries within the range
- Communicating salary information
- Tips for effectively communicating salary information to employees and stakeholders
- Strategies for managing salary expectations
- Lega l and ethical considerations
- Case studies and exercises