Cheviot HR undertake salary benchmarking exercises for businesses across the North East. Salary benchmarking researches the “going rate” for a particular job within the recruitment market place. Determining rates of pay helps businesses to be competitive. In other words, businesses can recruit more easily, candidates with the right skills and experience.
Recruitment and Retention North East
It is very much a candidate’s market place. According to the Office for National Statistics, in March 2023, UK workforce jobs rose to a new record of 36.8 million. Consequently, North East employers are finding it increasingly difficult to recruit and retain the right skills. It is essential for businesses to offer competitive salaries determined by undertaking a salary benchmarking exercise.
Salary Benchmarking Pay Policy
North East businesses should determine whether they are going to lag, meet or lead the recruitment market. In other words, they should decide on whether they are going to pay the same rate as the average salary or higher. Ultimately, it boils down to what the business can afford.
Internal Salary Benchmarking North East
North East businesses should be very mindful of the risk of equal pay claims. In other words, they should ensure that they have an internal pay approach that is fair, equitable, transparent and consistent.
If research suggests that they need to pay more to secure a skilled candidate, they can do this by paying a market supplement.
North East Salary Benchmarking Report
Cheviot HR undertakes salary benchmarking exercises for all businesses. Our salary benchmarking report will be specific to your industry and sector. It will include at least five relevant comparators within the local market place. Furthermore, it will provide analysis of competing employee benefits and perks which will help you advertise in the right way to attract as many suitable applicants as possible.
Benefits of Salary Benchmarking in the North East
- Increase number of applications: salary benchmarking will help to determine a competitive salary which will help to increase the number of applications from desirable candidates.
- Improve employee retention: salary benchmarking will indicate to north east businesses whether they are paying enough to secure employee loyalty.
- Improve productivity: Well paid employees who feel valued are more likely to be happier at work and be more productive.
Talk To Us
Contact us if you are interested in undertaking a salary benchmarking exercise. Please make sure you have connected with us on LinkedIn too