FAQs about Salary Benchmarking
Companies often come to us wondering whether their senior executives’ remuneration packages are in line with those offered by other organisations. Here’s some helpful information on the most common of those questions:
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Salary Benchmarking
Acting as your recruitment partner, we can advise you on where your role should be positioned in order to attract the best talent.
Whether it’s to attract new talent to your organisation or retain valuable members of staff, it’s essential to have a good understanding of the competitiveness of your business in terms of salaries and benefits in comparison to similar organisations within your market sector.
Newman Stewart has access to a wide range of market information across many specialist sectors. As a result, we provide one of the most comprehensive Salary Benchmarking services on the market. Our approach gives an impartial and accurate idea of pay information to help businesses make informed and effective salary and package decisions, and to ensure they are attracting the best talent within their industry.
Offering a competitive remuneration package is important, particularly for companies who don’t want to risk losing their top executives. It’s also important to be able to prove to shareholders in black and white that senior staff provide value for money.
Salary Benchmarking is a much more focused and detailed process than a traditional salary survey. Benchmarking gives a complete breakdown of the compensation package allowing companies to compare the salary and benefits available within specific sectors and named companies.
For listed businesses, the majority of the information is publicly available within annual company reports. But analysing large volumes of data like this requires resources. Enlisting a third party like Newman Stewart to carry out the work can save time and money, while delivering reliable results that are backed up by in-depth research.
Typically, we provide a list by company size, sector and revenue. This list will detail the overall package in terms of the basic salary, cash bonus, share bonus, long term incentive plans (LTIPs) and pension of the position in question (be it CEO, COO, CFO or FD).
Unsure whether your senior executives’ remuneration packages are in line with those of your competitors? Get a definitive answer with Salary Benchmarking from Newman Stewart. Speak to one of our specialist consultants today.
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