One of the metrics that really matters when it comes to leading a team is salary and cost data. That’s why we’re launching salary benchmarking and metric costs in our HR analytics platform.
Let’s cover the basics first…
What is salary benchmarking?
Salary benchmarking means comparing your organisation’s pay to the market rate, usually looking at specific industries and job functions. Organisations will benchmark their salaries to make sure they’re compensating their teams fairly, understand any attrition risks, and to make it easier to have salary conversations – whether during an employee’s lifecycle, or at the recruitment stage.
Why use Qlearsite for salary benchmarking?
There’s several ways you can approach a salary benchmarking exercise – but most of them involve manual work, a lot of time, unreliable data, and a whole heap of stress. For those reasons, your best bet is using a salary benchmarking tool that does the bulk of the work for you.
Here’s the salary features you can expect to see:
- Salary benchmarks dynamically mapped to your organisation’s roles
- In-app visualisations of your pay vs. benchmark, separated by role
- Comparison of total salary costs by function, teams, & other demographics
- Automatic calculation and tracking of absence and attrition costs
- Monthly data updates reflecting trends or changes in market pricing
How can I get access?
From a low monthly cost, you can get access to salary benchmarks, attrition and absence costs, and everything else that Compensation IQ has to offer.
All you have to do is book a call. No obligations, no strings – just a one-to-one walkthrough of what our platform can do.
