317.589.8529

Market Benchmarking

employee compensation

 

As a business professional, you know how important it is to be competitive in your marketplace. Not only is it vital to offer the products or services your customers want, but it’s essential to attract, retain, motivate and reward your employees appropriately.

But do you have the market information you need to make the right compensation moves – with confidence?

Ask yourself these questions:

1. Is your employee turnover rate too high?

2. Do you sometimes have trouble recruiting for certain positions?

3. Do you feel pressured to make offers quickly?

4. Are you in the dark about what your competitors offer their employees?

5. Do you make employee market decisions based on unreliable internet data rather than data from reputable sources?

6. Is your team simply too busy to analyze market data and update your compensation and reward programs?

If you answered “Yes” to any of these questions, you can almost certainly benefit from market benchmarking.

Why? Because market benchmarking helps you worry less about attracting and retaining employees, so you can focus more on attracting and retaining customers. It also saves you time and money to participate in and buy surveys.

So, how does market benchmarking work?

You gather industry data, analyze it, and apply what you learned to make more intelligent compensation decisions. Sounds simple, but if you’ve ever tried to do market benchmarking on your own, you know it’s complex – and easy to get wrong!

The good news is you don’t have to “go it alone”. At Total Reward Solutions, we specialize in compensation, performance management, and reward/recognition consulting services – the kinds of services that help your organization attract key talent, motivate employees, and retain top performers.

And when it comes to delivering market benchmarking services for you, we will:

  • Analyze job descriptions or employee questionnaires and gather data on total employees, financial metrics, industry type, SIC or NAICS code, and geography
  • Identify matches from the TRS database that best align with your job requirements
  • Analyze data and present findings for review, providing data based on who you are, what you are, and where you are.
  • If appropriate, work with you to refine job descriptions and compensation programs

Of course, we understand that your market and your organization are unique, so we tailor our market benchmarking services to match your needs.

At Total Reward Solutions, we pride ourselves on being your trusted partner for essential employee compensation and total reward services — including market benchmarking.

So, let’s start a conversation. Simply click here or contact us today at 317.589.8529.