14 Oct 2016
Not paying staff a competitive rate? They may take to the internet to vent their frustration publically; a major problem considering Glassdoor is the biggest talent attraction tool on the web, Twitter generates 7,343 tweets per second and LinkedIn gains 2 new members every second.
Therefore, it is important to ensure that decisions regarding pay are well-informed and defensible, which can be done by undertaking a salary benchmarking exercise. Croner offer two solutions; analytical salary reports and an online tool. Both of these harness information from our pay database (one of the most comprehensive in the UK with no data gaps), which is used to show average pay ranges from lower decile to upper quartile, so you can see how your pay fits in-line with the marketplace. Are you paying more than your competitors or less? If you are paying less then there is a higher likelihood for negative online reviews.
Armed with this data, you can also make appropriate salary increases or justify existing rates of pay. If you can afford to increase the wage bill, offering employee benefits can add value. Glassdoor dedicates an entire section of its website towards this aspect of remuneration, allowing employees to select what they receive from a list including Health Insurance, Flexible Working and Sick Pay.
As this is highly visible, it is definitely worth making sure you offer a package. Croner Reward publish an Employee Benefits Report every year containing percentages of organisations that offer all major benefits and many more, which allows you to identify the best options for your workforce and support any decision-making. Employees may also see others post pictures of company cars on LinkedIn, which they envy and could approach you about, so our research lets you know the percentage of people in a particular job that are offered a car and what model that would typically be.
In summary, if you are in-the-know, you are in the best position to defend against any criticism over pay online or make changes to stay competitive.
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