With their deep pockets and access to advanced technology, these big players leave smaller businesses struggling to keep up.
This unfair advantage doesn’t just hurt small and mid-sized businesses – it holds back progress for everyone. Smaller companies need great talent just as much as big ones do, but the lack of access to resources slows their growth and limits their potential. And this isn’t just a business problem – it’s an economic one. When SMEs thrive, they create jobs, grow the economy, and strengthen communities, building a brighter future for us all.
SMEs: The Heart of the UK Economy, Need Smarter Pay Decisions to Thrive
SMEs are the heart of the UK economy. In 2023, they generated a massive £2.4 trillion—over half of all private business turnover—and are expected to grow even further to £2.75 trillion in 2024. But despite their importance, these businesses are up against some tough challenges.
After battling high inflation, the latest reports of zero economic growth and rising costs are worrying. On top of that, the recent UK budget has increased employer national insurance contributions and the minimum wage, squeezing already tight budgets even more.
To stay competitive, SMEs need to find smarter ways to keep their teams motivated and productive without resorting to drastic measures like cutting jobs or hiking prices. Making better pay decisions is key to helping these businesses attract and retain top talent—so they can stand strong against bigger players and thrive in today’s tough economic climate.
Companies Want Better and More Affordable Tools
Historically, accurate compensation data has been a luxury only big companies could afford. Smaller businesses, with tighter budgets and smaller teams, have been stuck with time-consuming manual processes – digging up data online and mapping it to their employees, often leading to errors and frustration.
A recent Novo Insight study shows just how widespread this problem is.
95% of organisations use compensation data, 41% still rely on spreadsheets to manage pay structures. Of those, 67% are eager for a tech solution, highlighting the growing demand for better tools.
Even businesses using existing tech aren’t satisfied – many complain about high costs, outdated systems, and unmet expectations, with 45% ready to switch providers. The reliance on multiple data sources adds to the problem, with 82% needing extra data to find accurate salary benchmarks, driving up costs and complexity.
The message is clear: businesses need modern, affordable tools that simplify compensation management and provide better results, value, and user experience.
Compensation IQ: Making High-Quality Salary Benchmarking Accessible to All
Compensation IQ was designed to help small and mid-sized businesses make smarter pay decisions by offering access to a broad range of salary data at an affordable price. Our goal is to make top-quality compensation data accessible to all businesses, providing the best data at the best price. This levels the playing field, giving smaller companies the insights they need to compete and thrive.
Best Data
Getting accurate salary data for all roles can be difficult and costly. Compensation IQ combines multiple data sources, including surveys, self-reports, and job postings, into one easy-to-use platform, delivering the most reliable and comprehensive data for smarter pay decisions.
Best Price
Smaller businesses often assume they can’t afford quality compensation tools. Compensation IQ changes that by offering high-quality data at a cost-effective price, starting at just £1,500 per year – making it accessible to businesses of all sizes.
