How do you know the competitive salary range for each position at your company? The answer: Compensation benchmarking.
What is compensation benchmarking?
Compensation benchmarking is the process by which compensation professionals on your human resources (HR) team analyze salary data in the marketplace for each specific job at your company. They match your employees’ jobs with similar jobs in compensation surveys to get an accurate picture of what other professionals in those roles are earning.
In combination with other company-specific factors, such as size, industry and location, compensation benchmarking is an incredibly important tool to help you make the