HOW TO PERFORM COMPENSATION BENCHMARKING & SET SALARY RANGES

In our current market, potential hires are more informed than ever about the market rate of their position’s salary. They weigh their decision based on salary, benefits, location, commute time, education programs and opportunities for advancement through easily accessible online data sources. To compete for talent, your organization must also know what the market is paying for certain skills and develop fair and reasonable salary ranges for the positions in your company. This combination of compensation benchmarking followed by setting or updating salary ranges helps you attract and retain top talent.