Croner Reward publishes over 25 different regional, job function and industry specific salary benchmarking surveys every year.
What are these?
Regional Salary Surveys (covering 11 regions of the UK) are ideal to see what other businesses in your region are paying, which can aid both recruitment and retention.
Job Function Salary Surveys benchmark salaries and benefits across different business departments.
Industry Salary Surveys offer comprehensive studies of different specialist sectors including Charity, Distribution and Transport, Care Sector and Hospice.
Fast and accurate pay benchmarking
An employee’s financial reward is one of the primary motivations for them to come to work; it is also one of the organisation’s highest costs. Achieving the balance that suits both the staff member and benefits the business’ development goals is one of the most difficult skills facing the HR professional.
Croner Reward uses pay benchmarking to support reward structure development or as a stand alone service for individual positions that are either new to the business or simply need updating, giving you the opportunity to undertake either regular small scale activity or larger departmental or company-wide exercises.
With direct access to Croner Reward’s remuneration tools, including one of the most comprehensive independent pay and benefits databases in the country, our team can provide fast and accurate salary benchmark reports, from which management can base sound and independent reward management decisions.
The benefits of pay benchmarking
As we move out of recession and into growth, pay is increasingly being mentioned in the media. Standing at just under 2%; current average settlement figures are low and stable (although some employees will see a faster pay increase). During the last few years, which have seen recession and slow growth, employers have had to resort to being creative in pay management in order to reward their top achievers who they are reliant on for growth. However, times have changed and as the economy and jobs market start to improve, employers become more at risk of losing their ‘high-performing’ staff.
One of the ways to help retain employees is to ensure that remuneration packages for the current workforce (as well as what is being offered to new recruits) are competitive with the marketplace to ensure you keep or attract the best people for the job.
How do you do this?
You can look around at salaries advertised in job vacancies, but these are notoriously unreliable because you don’t know if it’s a close enough job match, or even if the advertised salary will actually come into effect at the point the job is offered. The best guide is to find out what other companies are actually paying the people they employ. Finding this out for yourself is difficult, but there are organisations such as Croner who constantly research this information , and can help you benchmark any role that you might be recruiting for.
When undertaking a benchmark exercise, whether for one role or several, it’s important to know that the data that you or your advisor is using is robust, up to date and contains enough data on similar roles in relevant organisations to be a reliable match. Think carefully about the characteristics of the organisations you want to benchmark yourselves against. Just thinking about your business competitors might not be enough – you need to know who your labour market competitors are. So what geographic/travel-to-work area are you searching in, what size and type of organisation might you need to match with, what other roles might you be able to entice candidates from. Exit interviews are a good source of intelligence on these questions. Also, when you do employ a new person, ask them what about the reward package appealed to them, for example a good pension, and make sure you emphasise this in future recruitment.
Once you’ve got your salary benchmark, which is usually a pay range and a mid-point salary, you then need to decide where along that range you want to fix the current role and what elements of variable pay and benefits might also be offered with the job. This will usually be in line with your existing pay policy.
Competitive Salary Information
If you are worried about losing staff as a result of pay, Croner Reward is here to provide you with competitive salary benchmarking information to help you reduce staff turnover. Not only that, when you are looking to recruit new talent, this information can be an asset in attracting the best candidates.
One of the ways you can assess what the job market wants is through the analysis of market data. Croner Reward has one of the largest independent pay and benefits databases in the country, which is constantly growing and being updated.
As new data comes in, it is assimilated to then be used with other data held and filtered by industry, company turnover, number of employees, county, function and job level; to provide an indication as to what level of pay can be offered to staff to either meet or surpass the median. This data is then published in the form of salary surveys at varying times throughout the year. As reports are published annually and bi-annually, we provide a formula to help you calculate – on average – how much the data is likely to fluctuate over the short-term.
Key Benefits of Salary Market Data
The Salary Calculator
Here at Croner Reward, we have a product called SalarySearch that is a salary calculator.
How can it help you?
Calculating a a benefits package with a salary comparison tool is useful if you are recruiting for a new position or if you are looking to check that a salary is at the market rate. In addition, it can help with staff retention, as you know that you will be paying the market rate or you may need to increase someone’s salary to assist in retaining the member of staff.
The system is easy to use; making it ideal for busy HR professionals or managers.
In addition to showing pay information, the salary calculator also details benefits associated with a particular job. This online salary calculator only takes a few minutes to provide you with a definitive answer as to what the suitable salary is (based on the criteria that you have selected).
How to use SalarySearch
We offer demonstrations on how to use the software and can provide advice over the phone.
Your selection criteria could be on turnover, number of employees, industry type and location. In addition, you can select job rank and job title. The results are presented in a handy table and can show the lower decile, lower quartile, median, upper quartile and upper decile salaries. Bonuses can also be presented and you can have the option to include benefits associated with the job. The results can be exported to Excel or downloaded/e-mailed as a PDF.
A business can subscribe to the software for 6 or 12 months and there are 3 levels that you can subscribe to; these are:
- Access to management, clerical and operative roles, with decile data. Additionally benefits data is included.
- Access to management, clerical and operative roles, with decile data. Benefits data is also shown. The salary data is shown with a breakdown of criteria selected.
- Access to directors, management, clerical and operative roles, with decile data. Benefits data is again available. Criteria selected are shown here too.
The system can be used on a desktop, mobile or tablet device, so you can even keep working with the software on the go.
As it is updated regularly and available 24/7, you can get the results you want when you want them.