Salary benchmarking, also called compensation benchmarking, is the process by which internal job descriptions are matched to external jobs with similar responsibilities to identify the market rate for each position.
PeopleQ can help in identifying and determining current process and components of compensation and can redesign and validate of a compensation strategy. We help in setting up pay structure through job analysis and job evaluation. There are several ways to determine employee compensation structure, the first one being benchmarking and the other is setting pay grades. By way of benchmarking, we do market salary research and surveys within and across industries to set salary limits across roles. Through pay grade structure we help companies to group jobs of similar value and define a salary limit for those grades.
We also help in defining the components of compensation relating to current market trends such as base pay, commissions, overtime pay, bonuses, profit sharing, merit pay, stock options, travel/meal/housing allowances, benefits- insurance, leaves, medical, vacation, retirement & taxes.