Salary Benchmarking
Salary Benchmarking is the process of comparing an organization's salary levels to those of similar companies in the same industry. This helps businesses understand how their pay structures measure up against competitors, ensuring they remain attractive to current and potential employees.
By analyzing data on industry salaries, job roles, and employee benefits, companies can identify gaps in their compensation packages. This information allows them to make informed decisions about salary adjustments, helping to retain talent and improve overall employee satisfaction.