Our market intelligence benchmarking team use a wide variety of data sources, combined with a methodical approach, to deliver a unique approach to recruitment. Using our established data model, we evaluate the availability of professionals to ensure our searches find the best talent through data led marketing campaigns.
As part of the overall compensation benchmarking analysis, our team has the ability to source Salary, Equity and Bonus data.
What problems does compensation benchmarking solve?
Companies often come to us wondering whether their salary and compensation packages are in line with those offered by similar organizations. Few employers have access to data tailored specifically to their business; this can be an invaluable guide to combat potential issues affecting overall business success, including:
Talent lost to competitors
Without the ability to see and compare your market position, you risk failing to appeal to the best candidates. Your competitors could be knowingly offering preferable benefits or higher salaries.
Poor use of time
Trawling through reports for meaningful results can be time consuming. Salary Surveys alone do not always provide the specific data you need to make the most accurately bespoke job offerings.
Some organisations face regulatory pressures to ensure employees are paid market value. Involvement in anti-competitive behaviour, e.g. overpaying talent, could result in substantial fines.
What are the key benefits of compensation benchmarking?
Bridge the pay gaps in your organization, with data that's relevant and non-biased. Using a combination of our data, publicly available insights and the knowledge of our experts, we build bespoke overviews that help you to:
Increase retention rates
With market salaries constantly evolving, it’s important to stay ahead of the game and ensure your employees feel like they are being treated fairly now and in the future.
Attract a wider talent pool
By offering the best possible salary, along with the most preferable benefits, you will better your chances of attracting and sourcing the desired candidate.
Make reliable decisions
Getting an impartially accurate idea of salary will help you to make informed and effective remuneration decisions, while at the same time account for variations that need to be considered.
When is the right time to start benchmarking?
We suggest beginning your benchmarking process 3 months prior to the start of the hiring project / end of the financial year, as this is an ideal time to assess and plan required headcounts.
Benchmarking is also a beneficial tool for business expansion, as it identifies which talent competitors are utilising to support their business. This is particularly valuable if you are growing within different regions, as it highlights the key areas where you could be more cost effective.
If you are experiencing employee attrition, the benchmarking service can help to uncover whether your competitors have more appealing offerings, so that you can ensure your packages will attract/retain talent.
What information does the service include?
We provide the lower 25th and the top 75th percentile of all salaries benchmarked, as well as both mean and median averages of all data collated. This data is then separated into the various locations that are of interest, with each of the job titles listed.
You can request a sample of the report to find out more about what is included.
Where does the data come from?
Using a combination of our own recruitment data, paid for data partners, publicly available insights and the knowledge of our recruitment experts, we build bespoke overviews of the compensation and benefits required to attract the best talent.
All data collated is internally checked to ensure maximum validity.
How many data points do you use?
Our data points differ depending on our clients overall requirements, such as what industry, sector, job role or location is of interest. Our Market Intelligence team aim to take a minimum of 20 values – where there is not 20 data points, we source additional postings directly from google advanced commands, web-scraping, job boards and desk research.
If the area of interest is very specific, such as a niche job title, we will be entirely honest with the amount of data we can provide before any commitments are made.
How do you analyse the data?
The team standardises terminology against various job specifications, filling in any necessary fields manually. Each job title / data row is analysed, looking for the matching contract rates.
To accurately calculate the value, the bottom 20%, as well as outliers of double minimum value, is removed.
How bespoke is the service?
We can break-down our data down into several categories: company size, industry, location, sector and job title. As long as the data is available, we can tailor this to meet your requirements.
Who is benchmarking useful for?
We find benchmarking data is particularly valuable for: HR teams, Procurement Officers, Finance Directors, CFOs, CIOs, IT Directors and any other team members who are usually involved in financial decision making.
What is the approximate cost of the service?
Our cost is completely dependent on how many person hours delivery will take. We have a team of in-house analysts who will provide accurate quotations upon discussing your bespoke requirements.
What is the usual turnaround time?
Depending on the complexity of the project, our usual turnaround time is between 6-8 weeks from you providing the team with your final requirements.
Benefits of partnering with Robert Walters Market Intelligence team
Our agile mindset allows us to build collaborative partnerships with businesses to provide tailored, custom-made research that meets their specific requirements, allowing businesses to leverage on our sophisticated global research team, the latest market software, diverse & broad candidate network and subject-matter experts.
We use a wide variety of data sources combined with a methodical approach to ensure the accuracy and validity of our data, with in-depth statistical rigour to provide strong market analysis.
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