When to use external reward benchmarks

When to use external reward benchmarks

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When it comes to your reward projects, having access to the right data is crucial. Specialist providers offer a wealth of reward data, ensuring that you always have the information needed to make informed decisions.

Whether you need broad insights into rates, policies, and practices across organisations, or detailed specifics for certain job roles, levels, regions, or organisation sizes, we’ve got you covered.

Benchmarking your pay and benefits against other organisations is a crucial step in ensuring competitive and fair reward structures.

This process can vary based on numerous factors, including:

  • Establishing and recruiting for a new role: Without comparable posts within your organisation, knowing what potential candidates could earn elsewhere can help attract suitable applicants.
  • Reviewing individual salaries: Whether it’s during the annual pay review or an out-of-cycle review due to recruitment or retention challenges, our data helps ensure your pay levels align with the market.
  • Conducting an annual pay review: This well-established process requires careful planning and plenty of data to inform decisions about pay budget levels and changes to employees’ pay and benefits.
  • Designing or reviewing a reward structure: This major undertaking requires robust and reliable data to back up your decisions and determine your market position.
  • Introducing total reward: Considering not just pay and benefits but also the less tangible rewards of working for the organisation, our benchmarking data can guide the development of a new grading and reward structure.

Cendex is here to get you prepared with everything you need to know about pay review season.

Download the guide to find out everything you need to be prepared.

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