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Salary benchmarking tools provide a comprehensive view of the market, allowing employers to assess their competitiveness and decide how best to attract and retain top talent. They typically include salary and bonus information, benefits packages, pay structures, job descriptions and other factors.

How to Benchmark Jobs Step 1: Check the Job Description. Ensure the current job description accurately reflects the employee's current role and responsibilities. ... Step 2: Compare With Survey Data. ... Step 3: Identify the Closest Match. ... Step 4: Recommend a Pay Range.

Good Pay Benchmarking Looks At The Full Reward Package Factors such as location, the type of work and demographics of your people will all determine what will work for your organisation. Consider including a benefits review with your pay benchmarking exercise.

Need Help Hiring? Best Tools Compared. Bureau of Labor Statistics: Best Overall. Indeed: Best for Employee & Employer Pay Data. PayLab: Best for Education & Consultants. ZipRecruiter: Best Easy-to-Understand Salary Reports. Payscale: Best for Creating Compensation Scenarios.

The benchmarking process requires a few easy steps: Creating a salary database where you look at all the jobs in your organization and the remuneration for each; Collecting data from various sources such as surveys and aggregated market research; Analyzing and comparing data; Creating a strategic compensation strategy;

The best salary research sites are Glassdoor, SalaryExpert, Salary.com, Indeed, and the Bureau of Labor Statistics (BLS).

A salary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed. Salary is commonly paid in fixed intervals, for example, monthly payments of one-twelfth of the annual salary.